By Holland McBurns, Managing Partner, Evergreen Elder Law
Many of my clients are wondering what 2021 has in store for them with the changing of the guard at the White House. It’s no surprise that President Joe Biden is planning on making changes to the tax code. Could this impact your estate, gift taxes, and income taxes? Possibly.
From what I have been reading, planning concerns are for very wealthy individuals and couples – the Top 1%. Those who are worth less than, let’s say $5 million, may not have to worry as much. But that does not mean any changes should be ignored.
This is presenting a perfect time for our clients to review their current estate planning documents. With interest rates still low and market volatility, there are very good estate planning opportunities out there.
Estate Planning Focuses For 2021
Here are a few things that one might want to consider having reviewed:
- Managing assets with a revocable trust
- Special-needs trusts to help you protect some money for loved ones
- Setting up an asset protection trust
- Leveraging the annual gift tax exclusion
Consider Hiring An Estate Planning Attorney This Year
When Evergreen Elder Law begins a review of our client’s estate planning documents, we look for anything that may have an impact on the estate. We review Wills, Living Wills, Power of Attorney, and Trusts. This is a complicated, but necessary effort. It allows our clients to decide how their assets are inherited. It provides an opportunity for our clients to make decisions about their own health.
Everyone’s situation is different. Every state has its laws governing estate planning. And, knowing that people can die at any age, anyone with financial assets should consider estate planning sooner than later.
So, the best place to start the process is with an Elder Law attorney. Wouldn’t you agree?