At the moment, it is difficult to know exactly what is going on in Washington D.C. and what might come from Republicans' tax reform plans. That makes flexibility in estate planning more important than ever.
It is not completely unfair to say that the political system in the U.S. is a currently a mess. Almost every day, brings new revelations in the press about President Trump.
Whether you believe those revelations or think that they are the product of “fake news” sources out to get the President, it cannot be denied that the result is a lot of confusion and uncertainty.
While all that is going on, Republicans are trying to move forward with plans for tax reform that are also uncertain. No one is quite clear about what Republicans will do, what President Trump will agree to and whether Democrats will attempt to or be able to block anything.
It's even possible that tax reform will get lost in the background noise of other Congressional investigations.
This all makes estate planning more difficult.
Without knowing what the tax laws might look like in the future, it is almost impossible to make appropriate plans for such taxes.
However, estate planning is still necessary in uncertain times.
It can still be done well by being flexible, as the Wills, Trusts & Estates Prof Blog discussed in "Estate Planning Strategies for Uncertain Tax Reform."
By maintaining flexibility with your estate planning, you can more easily change plans when the political situation becomes less chaotic.
Talk to a Cincinnati estate planning attorney about how to go about doing just that.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Wills, Trusts & Estates Prof Blog (May 15, 2017) "Estate Planning Strategies for Uncertain Tax Reform."