Changes in laws may mean changes to your estate plan.
This has been a priority for the Trump administration.
On his radar to target are the estate tax and the gift transfer tax.
According to a recent The Paradise (CA) Post article titled “Some death tax advice,” you should not neglect tax planning in your estate planning.
Some states will also have an inheritance tax, to boot.
You will want to address these.
A trust may be a tool to consider so as to limit the impact of these taxes.
Fortunately, for residents of the Sunflower State and the Show-Me State, neither Kansas nor Missouri has its own estate or inheritance tax.
Trusts can also be beneficial when it comes to providing for minor children or heirs with special needs.
Make sure you update beneficiary designations and retitle assets as necessary.
If you have a business, you will need to address how it will continue (or will not continue) when you are gone due to retirement, incapacity, or death.
Are you feeling a little overwhelmed?
This is understandable.
Estate planning is no small task.
Work with an experienced estate planning attorney to create a plan specific to your needs and goals.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Paradise (CA)Post (October 13, 2017) “Some death tax advice”