Newsletter – Estate, Business Planning, and Significant Tax Law Changes

Newsletter – Estate, Business Planning, and Significant Tax Law Changes







Estate, Business Planning, and Significant Tax Law Changes

You may be exhausted from hearing about the most significant tax law change in 30 years: The Tax Cuts and Jobs Act passed at the end of 2017. Now the dust is settling, and we encourage you to take a moment to understand what estate planning is and consider the question: why does it matter?

“I am not wealthy, why do I need an estate plan?” is a common refrain shared by some of our Clients.

Consider viewing this short 2-minute video where our Estate Planning and Implementation Process is discussed.

 

Rainey Law, LLP offers a Personalized Approach to Estate Planning

Estate planning is anticipating and arranging for the management and disposal of your estate during your life, at and after death, while minimizing gift, estate, generation-skipping, and income tax. A trust and supporting will are typically part of a good estate plan. Depending on the situation, as estate planners, we may recommend tools such as trusts, pass-through entities, and/or life insurance to accomplish your estate planning goals.

For many, under the new Tax Cuts and Jobs Act, estate planning is not about avoiding estate tax, as it now applies only to those exceeding the tax exemption.

Yet estate planning remains critical to:

  • Pass property to intended beneficiaries
  • Alleviate the burdens of surviving family members
  • Protect the estate assets from unintended recipients
  • Deciding who will raise your children

 

How Does This Impact Your Family?

Increased tax exclusion amounts may affect your estate plan, and cause you to consider needing to redraft some important documents, including trusts and wills. It’s also important to remember the exemptions are set to fall back to their previous amounts in 2026, and there are no guarantee lawmakers won’t reduce the exemption amounts further. These factors make it increasingly important to review your estate planning documents or get an estate plan in place if you haven’t done so.

A good start for your Plan is our handy and secure online Estate Planning Worksheet that you can fill out today.

Please call me if you wish to discuss how many changes in the Tax Cuts and Jobs Act could affect your tax, estate, and family business planning situation. We are pleased to help you frame and implement the planning you might consider in response.

Best Regards,

Rob

Rainey Law, LLP
Attorneys and Counselors at Law
(405) 753-1515 Rob’s Direct Line
(405) 753-1500 Main Line
(405) 753-1501 Fax LineOur mailing address is:
Rainey Law, LLP
1601 NW Expressway, Suite 600
Oklahoma City, Oklahoma 73118-1460Copyright © 2018 Rainey Law LLP
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2019-04-29T05:21:36-05:00 May 31st, 2018|Newsletters|
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