Addressing changes to tax laws in estate planning

On Behalf of | Sep 21, 2020 | Probate And Estate Administration

Upon experiencing a change in life circumstances, many individuals in Nevada and elsewhere may feel it vital to address their new situation and make changes to their goals for the future. However, this might not be the only type of circumstance that may prompt a need to revisit estate planning goals. Individuals who wish to protect their interests may also find it helpful to be mindful of changes to the rules and regulations that govern certain aspects of the estate planning process and of their options when similar scenarios arise.

Experts indicate that there are changes to estate tax laws on the horizon and while these changes are not set to be put in motion until 2025, some feel this may occur sooner than expected. This reportedly pertains to the lifetime exemption, which would be cut in half in the process should these changes take effect. Even if such changes are still a few years out, experts indicate it may still be helpful to begin addressing all the available options as soon as possible.

When it comes to addressing similar changes, experts suggest that it could be beneficial to revisit and update certain estate planning documents. Other topics to address could include seeking insight on state tax laws and one’s options for lifetime gifts. Taking steps to increase the flexibility of an estate plan could also make it less daunting to adjust to any changes to estate planning laws that could arise in the future.

Those who wish to better understand how changes to estate planning laws might affect their situation could benefit from seeking advice from someone with experience in such matters. By consulting with an attorney, a person in Nevada could gain much needed insight on any changes on the horizon and how best to approach the situation. This type of advice could play a vital role in helping a person prepare to make the necessary changes to keep the estate plan in line with his or her needs and wishes for the future.