Trust me, I am all too familiar with challenges to free speech. It’s not specifically legal challenges anymore but the tendency for unpopular opinions to be shouted down and the people behind them to be cancelled from social media and somewhat erased or made irrelevant. How does this factor into estate planning? My fear is that the termination of dissenting political views may pave way to an unopposed government agenda which can include higher income tax, estate and gift tax and other regulations that could drastically affect the landscape of estate planning. The plan that was right for you 5 years ago may provide no protections against the coming tide of legislation.
There have been rumblings that the current administration wants to drastically reduce the estate and gift tax exemption. This could mean that almost one half (1/2) of your estate could be eaten up by taxes and go to the State. This country was built on the premise that you could keep your hard work and property in the family. You could pass along what you owned to your loved ones. In a climate where any dissenting opinion is stamped out and the person with that opinion barred from the public forum, anything is possible and more likely, probable. As an estate planning and elder law attorney, we have defenses against this.
Trusts can maximize your taxable exemption and therefore help minimize or avoid the death tax. Trusts also allow any property contained within, including real estate, to preserve a step-up in basis. A step-up in basis means that you will avoid unnecessary capital gains tax should your beneficiaries sell the property. You can appoint a trustee to be over your assets and distribute your assets after death. Trusts are also private documents and not administered through public court proceedings as opposed to Wills which do become public record.
Trusts are our secret weapon against the threats of high taxation from many angles and also allow you the ultimate in control of assets even beyond the grave for years into the future. You write the story of your family’s legacy.
If we can help you preserve assets before major changes in the law we would be glad to do so and would offer a FREE consult to sit down and discuss asset protection. Give s a call to schedule your free consult today or schedule online at: mcelderlaw.com. For a list of local numbers to our offices see below:
Please don’t wait ‘til it’s too late. Call McIntyre Elder Law today.
Greg McIntyre Elder Law Attorney
Elder Law Attorney