It’s fair to say that 2020 brought about a series of challenges to individuals, families, businesses, and society at large. While many people experienced various types of loss or hardship, most of us found ourselves revisiting our priorities: health, safety, security, and family. Now is a wonderful time to create or revise your estate plan to ensure that you and your loved ones enjoy the protection you need—now and in the future.
Tax Law Changes That May Impact Your Estate Plan
As you may know, several changes to federal gift and estate tax law took effect in 2018. Congress also passed legislation that significantly impacts income tax deferral opportunities associated with inherited retirement accounts. With the upcoming political transition and recent government stimulus spending, we should plan for several changes that may dramatically affect taxpayers. Whether you are just beginning to put an estate plan in place, or you’re thinking about revisiting it to ensure that sufficiently protects your current needs, it’s a good idea to enlist the guidance of an experienced estate planning attorney.
Minimizing Familial Stress
Putting a comprehensive estate plan in place can be a gift to your loved ones. By clearly documenting your wishes regarding your healthcare preferences, the distribution of your estate, and other matters affecting your loved ones once you pass away, you can minimize the potential for stressful legal disputes in the future. A carefully-crafted estate plan gives your beneficiaries the answers and guidance they need to successfully navigate the challenging period after your passing.
Making Sure All Your Needs Are Met
If some time has passed since you created an estate plan, now is the time to take a closer look at these documents to ensure that they are up-to-date and fully protect the best interests of you and your family. Have you remarried? Have you welcomed a new child or grandchild into the family? Have you started a family business that needs to be addressed in your estate plan? It’s worth meeting with your estate planning attorney to go over your documents so that you can feel comfortable and confident in the protections you’ve put in place.
Interested in learning more about the estate planning process in Spokane Valley? Call Legacy Law Group today at (509) 315-8087 to speak with an experienced and knowledgeable attorney.