Affluent Adults Expected to Update Their Estate Plans
The new estate and tax changes currently in place at the federal level indicate that people are taking a hard look at their financial and estate plans. The gifting and estate tax exemption is up to approximately $11 million per person, which is double the levels under the previous law.
A recent study completed by the American Institute of Certified Public Accountants showed that more than 60% of wealthy individuals intended to tweak their financial planning strategies. Those classified as affluent adults who are included in the study were those who has at least $200,000 in household income or $250,000 in investible assets.
The critical changes in the Tax Cuts and Jobs Act include the elimination of personal exemptions, major changes to itemized deductions, and the doubling of the standard deduction to $12,000 for singles and $24,000 for married couples who feel jointly. Tax planning should always be a priority for anyone even in the most basic of estate planning situations.
The right lawyer can help you clarify whether your current estate plan addresses your primary concerns and how to develop a strategy with your best interests in mind.