With increased estate tax exemptions, many people wonder what it will mean for estate planning and whether there will be less need for them to plan. One way to figure out the answers is to look at what estate planning attorneys expect to happen.
The recently passed tax changes include a doubling of the estate tax exemptions. This has made many well-off families happy, but it has also left many of them wondering how they should respond to the changes.
People are not quite sure whether they still need to make estate plans now and if so, how their plans might be different than before. There is no single answer since it depends on individual circumstances. One way to help figure out what it might mean for most people, is to look at what estate planning attorneys think will happen as a result off the changes.
Wealth Management discussed this in "Will High Estate Tax Exemptions Mean Less Planning?"
Most estate planning attorneys do not expect to see very many changes in planning. Those who do, tend to think any changes will be small.
One reason is the number of people who will no longer have to pay the estate tax. Why? Because the number of Americans with estates exceeding the higher exemption is relatively small, when compared to the general population.
A bigger reason is that many experts do not expect the changes to last very long and that politicians in will reverse the changes in the near future.
If you want to know what the changes mean for you personally, schedule an appointment with a Cincinnati estate planning attorney to discuss it.
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: Wealth Management (Jan. 29, 2018) "Will High Estate Tax Exemptions Mean Less Planning?"