After the passage of the new tax law, many people are curious about how it impacts their individual lives. This is a common concern because many people are struggling to comprehend the trickle-down effects of federal laws like the Sweeping Tax Bill. This is a great opportunity to set aside time to talk directly with an estate planning lawyer.
The strategies you have used in the past may no longer be relevant for your individual needs and you many need to implement new plans to ensure that you and your loved ones are protected should something happen.
You may find that your plan no longer meets any of your needs because of individual changes in your life or changes to the federal tax law. Sitting down for a thorough evaluation with an experienced estate planning lawyer, however, empowers you with the most possible choices and ensures that your plan documents and strategies are directly in line with your needs and the most intelligent approach to estate planning at all.
These five questions should be brought up directly with your estate planning lawyer when you come in for a review. These include:
- Â Â Â Â Â Are my estate taxes going to be affected by the new federal law?
- Â Â Â Â Â For married couples, how does the new tax law translate to my exemption limit?
- Â Â Â Â Â Will my state estate taxes be affected by the new federal law? Only 15 states have some form of estate tax, but owning property in those locations could prompt changes in your estate plan.
- Â Â Â Â Â Do my estate planning documents avoid unintended consequences and fulfil my individual wishes?
- Â Â Â Â Â How soon should I come in for another review of my estate plan?
