With all of the recent updates to tax laws, some people may be more hesitant than ever to move forward with an estate plan. Every can take advantage of a sit down meeting with a lawyer.
Although many people will not be subjected to the federal estate tax and will not have too much of a direct impact from new federal estate tax laws, estate planning is still important for a number of different reasons, including:
- Â Providing for you children, since this is one of the most crucial components of estate planning overall. Even if you don’t think you have many assets to leave behind to them, you may have more than you think especially if your employer offers life insurance as a benefit to you as an employee. You can use custodian accounts or a trust to plan for your child’s future
- Â Unmarried couples. Even if you are not currently married but wish to provide for your significant other, you should certainly have an estate plan that clearly documents this. You will want to walk through the tax ramifications as well.
- Â Powers of attorney. You should have a financial power of attorney and a health care power of attorney in addition to a last will and testament. These are the crucial estate planning documents that every person should have and keep updated.
- Â Business owners. Small business owners who only have had the federal estate tax exemptions should still consider who is eligible to take over their business and who may be the right fit to serve in this role if they were to suddenly exit.
Consulting with an experienced estate planning attorney can assist you with all of these goals.
