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New laws, new wrinkles: some estate planning considerations

Imagine if the estate planning realm was essentially static, operating under relatively unchanging conditions and in a manner largely the same from generation to generation.

In such a universe, planning advice would unquestionably be monotonous and even arid. Moreover, there wouldn’t seem to be much need for a professional adviser to be exactingly diligent about having clients timely review and adjust their strategies to conform to new laws and realities.

In such a universe, planning advice would unquestionably be monotonous and even arid. Moreover, there wouldn’t seem to be much need for a professional adviser to be exactingly diligent about having clients timely review and adjust their strategies to conform to new laws and realities.

Things aren’t like that in the real planning world, of course. In fact, the estate planning sphere is widely perceived to be among the most dynamic and ever-evolving of all legal fields. A recent Forbes piece on the subject area underscores that new technologies and rules/regulations are “changing the game faster than ever before.”

In turn, notes the publication, that “introduction of new asset types and the implementation of new laws” absolutely mandates continuing learning by advisers and their material tailoring of plans for valued and diverse clients.

A group of Forbes commentators notes some select planning areas and focal points that command special interest for many individuals and families these days. Their applicability in some instances makes it imperative that planning professionals command thorough and updated knowledge concerning them. Here are a few examples:

  • Estate tax exclusions for planners (the limits were recently revised, but are applicable only within a limited period, with significant changes possible in upcomin
  • Personal record keeping in the digital sphere (different laws govern third-party access to a grantor’s online accounts)
  • Tax implications on handed-down inherited accounts (some proceeds go to heirs tax-free, while others are taxable)
  • Maintaining the intent of a trust into future generations (trustee and so-called “trust protector” designations are especially important here)

Today’s fast and ever-in-flux world obviously brings many challenges and opportunities for estate planners. A proven estate planning attorney with an integrated financial background can help them optimally promote key objectives.

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