Athens Estate Planning and All Over Alabama
Did you know that a new bill by the House of Representatives was presented with a $3.5 trillion spending plan by Democrats.? It includes many changes to federal tax laws. The Democrats specifically proposed significant tax increases and other modifications to fund the plan. These included increases in personal income tax rates, capital gains tax rates, and a substantial reduction in federal estate and gift taxes.
They also added restrictions to Grantor Trusts, effectively eliminating the trust’s potential use as estate planning vehicles. Although the legislation is still being considered and far from being finalized in its entirety, it is crucial to reach out to us immediately if you are affected by the bill, except for the capital gains rate rise, which could be applied to transactions occurring after September 13, 2021. Most of the new legislation and the proposed changes will become effective after December 31, 2021.
This means that you still have plenty of time to set up your estate plan.
We recommend that you begin planning now, as it will take time to plan and execute many of the financial or estate planning actions we can support. We expect to be busy with those who decide to act before the year ends. If you plan to make any changes to your estate planning this year, please contact us immediately.
It’s time to start estate planning. This will give you or family members plenty of time to make the necessary changes before 2021. You can also find out if any of these proposed changes will affect you. We don’t know what will happen, nor when. The 2017 U.S Tax Cuts and Jobs Act wasn’t passed until December 2017. This could be the same here. Some provisions could impact your taxes this year and those that could affect the decisions you make next year.
We believe you must have a solid ongoing relationship with a Trust, Wills & Estate Planning Lawyer.
We’re keeping an eye on the changes in tax law so that you don’t have to. We know you have more important things to do in your life. To ensure that we are fully informed about the changes ahead, we have consulted with CPA’s and mentors.
Regardless, we know that the last quarter of 2021 will be hectic and fly by. If you haven’t already taken steps to organize your finances, here are some things you can do to ensure you are ready for any new changes that may come.
1) Get started with our Alabama estate planning lawyers by retaining us as your Personal Athens AL Family Attorney
2) Engaging with the FWPS Process will give you a clear picture of what you have and where it is. We will also be there to clarify what will be impacted due to the tax law changes.
3) If you’ve already done your planning and feel you might be affected by the tax law changes, most notably if your estate is worth more than $5 million or your business could grow to $5 million before you die.
4) You might think that you can put off tax planning, even if your estate is smaller than this. Even if your estate is small, here are some reasons why you need to plan now.
Don’t Wait To Act.
You must act quickly if your family is affected by any proposed changes to the bill. This will ensure that any changes to your planning can be planned and implemented before the end of the year, or in some cases, even earlier. Due to the many proposed changes, financial advisors, CPA’s, and estate planners will be very busy over the following months. Proper estate planning will keep your family safe from conflict, the courts, and the public eye. Contact us to book your Family Wealth Estate Planning with our Lawyer near you, if you are ready to make a comprehensive estate plan. We will review your existing plan and help you update it to prevent heartache for your loved ones. Book online now.