It is normally far simpler to work with a professional to create a plan that you know will be suitable and that you will be legally covered when it comes to your powers of attorney and your assets.
New Tax Law And Senior Estate Planning
Taxation is something you need to deal with when leaving assets behind. In 2017, new taxation laws were brought into effect that means it is vital that you review your estate planning.
This legislation increased the estate tax exemption to $11.18 million for an individual and $23.36 million if you are a married couple.
The generation-skipping tax rate exemption also plays a huge part in real estate planning. This was a part of the same act. There is a temporary increase in exemptions currently set until 2025.
This means that a lot of people can give away more of their estate to family and heirs and not have to pay tax. It is vital that you have advice from the pros on the best way to do this. It can save you from paying huge amounts of tax and increase what your family members end up with.
About the Author
Mike Johnson is a freelance writer and a human rights activist and an enthusiast. Through his extensive research and commitment to the field of law, Mike has established himself as a well-decorated writer in this field. Mike currently settles in Las Vegas, and loves starting his day with a shot of espresso and cycling through his neighborhood.