Introduction: Estate planning can be complex, but it’s an important part of managing your assets and ensuring your loved ones are taken care of when you’re gone. With the Tax Cuts and Jobs Act (TCJA) set to sunset in the coming years, now is the time to review your existing estate plans and take advantage of the higher exemption amounts while they are still available. In this post, we’ll discuss why timely action is key when it comes to maximizing your estate plan’s benefits.
Why Acting Sooner is Better:
Time value of money principles suggest that acting sooner is usually better than acting later, especially when it comes to estate planning. Estate tax is relevant when you pass away, so the longer you wait to take action, the less time you have to maximize your estate plan’s benefits. By taking action now, you can protect your assets and ensure they are distributed according to your wishes.
Reviewing Your Existing Estate Plan:
To make the most of your estate plan, it’s important to review your existing plan regularly and make changes as needed. For example, if your estate has grown significantly since you last updated your plan, you may need to make changes to ensure your assets are protected. Additionally, if your family situation has changed or you’ve had a significant life event, such as a divorce or the birth of a child, you may need to make adjustments to your estate plan.
Consulting with Your Tax Advisor:
Working with a tax advisor can help you navigate the complexities of estate planning and ensure you’re taking advantage of all available options. Your advisor can help you understand the tax implications of your decisions and provide guidance on how to structure your estate plan for maximum benefit. By consulting with your tax advisor and taking timely action, you can ensure that your estate plan meets your needs and protects your assets for the future.
Maximizing your estate plan’s benefits requires timely action. By reviewing your existing plan, consulting with your tax advisor, and taking action now, you can protect your assets and ensure they are distributed according to your wishes. Don’t wait until it’s too late to make the most of your estate plan’s benefits. Start reviewing your plan today and take the steps needed to protect your assets for the future.