The passage of the Tax Cuts and Jobs Act has already had wide-ranging effects on businesses, personal taxes, and the economy as a whole. It also has implications for your estate planning—specifically, the law doubles the individual estate gift and GST tax exemptions. The upshot of this is that it significantly reduces the total number of individuals impacted by the estate tax.
If you haven’t reviewed and revised your estate plans in the wake of the TCJA, that’s reason enough to do so, and sooner rather than later. But tax reform isn’t the only reason to revisit your estate plans.
Here are six additional reasons:
The set-it-and-forget-it approach doesn’t work in estate planning. We recommend sitting down with your estate planning attorney roughly once each year to make sure you’re comfortable with the status quo. To speak with an attorney at Singh Law Firm, call our office today.