Now that the tumult over the new tax law is settling down and we have examined its impact in broad terms, we are reaching out to clients about the changes and how the changes will impact their estate plans. Since new federal tax law will likely affect many estate plans, so we are recommending that clients come in for a review. A review is especially important if you have not had your estate plan reviewed in three or four years.
The new tax law has created opportunities to cut your tax liability or the tax liability for your heirs. Remember these laws will expire in eight years (there were too many holes in the deficit for them to withstand a longer time frame), but a lot can happen in eight years.
Lives change, people get married, have children, get divorced, remarried, their children get married and divorced and married again; life is full of changes. Your relationship with a beneficiary, executor or trustee under your will may have changed.
If you have a large estate, take advantage of the increased gift tax exemption. Even if the increased exemption expires or is repealed, completed transactions are usually not affected. Also, New York State has a much lower exemption for the estate tax, and your heirs will incur a substantial New York estate tax unless you act now.
Call the office at 516-307-1236 and let’s talk about your situation, what has changed, what hasn’t, and what new opportunities may be possible for you and your family.