The new tax laws have numerous different advantages for the wealthy and this is prompting many wealthy families to go back to their estate planning attorneys and financial advisors to talk about appropriate asset protection planning.
Every time tax changes come down the pipe at the state or federal level is a good opportunity to reevaluate your current plan and identify whether you are using strategies that are no longer necessary and what you can do moving forward. For example, many wealthy families have life insurance policies that they might no longer need. The best thing to consider at this stage in time is whether you can modify or unwind existing life insurance policies to eliminate those unnecessary premiums.
This is particularly relevant for families who no longer need to pay federal estate taxes who might have purchased life insurance premiums to protect their loved ones and to pay these estate planning taxes immediately. The right asset protection planning attorney in Pasadena is a vital asset as you move forward with your estate plan and articulate your needs now and well into the future. Do not hesitate to contact an experienced attorney as soon as possible to learn more about what will affect your best interests.
