We are about half-way through this years Tax season. Did you know the recent changes to the tax laws may impact your estate plan? These changes may have not been anticipated when you created or last reviewed your plan.
A well-crafted estate plan can help minimize estate taxes. And strategically handle your assets when you pass. But these documents can become outdated. Especially when there are significant changes to the law, to your assets, or to your family.
Even if you are not affected by the changes to the tax laws during this years tax season. While you are gathering your financial paperwork from the last year to give to your accountant. You can use many of those same documents to make a list of the current state of your assets – such as bank accounts, investments, life insurance, real estate, etc.
The list of your assets will inform and direct your discussion with your attorney, allowing you to compare this information to what you had when you executed your last estate plan. If you have never executed an estate plan, you can use the information to begin the process of creating your first estate plan, during this years tax season.