Craig's Corner - Wealth Planning Insights

Thursday, April 27, 2017

Estate Planning During a Period of Shifting Tax Laws

Should I make my estate plan now or wait for tax law changes to come?

President Trump has promised significant tax reforms, but these changes have not yet been implemented.  As we all wait to see what tax laws will alter under President Trump, many Americans are wondering whether they should make an estate plan now or wait until more definite tax policies are in place. Our Nevada estate planning attorneys at Stone Law Offices, Ltd., discuss estate planning in an era of uncertain tax laws below.  

Act Now or Play the Waiting Game?

President Trump has proposed several changes to existing tax laws which, if passed, could impact the field of estate planning.  While this may have you tempted to sit on the sidelines for the time being, delaying creating your estate plan could come at a significant cost.  Many estate planning matters are critical for the protection of your assets.  If you wait to make an estate plan and die before you have one in place, your heirs may pay a considerable price.  Further, some estate planning tools, like irrevocable trusts, offer a number of non-tax related benefits, like divorce protection.  These are not estate planning methods you should delay.

Even further, you may actually benefit more by moving forward with tax planning before changes are in place.  Many tax experts believe the proposed estate tax repeal will come with a sunset provision that states the estate tax will come back into place in a certain number of years.  It is also possible that a future administration will reinstate the estate tax, giving you no real incentive to wait to create your important estate plan.

Ultimately, it is better to plan today than to wait until tomorrow.  Your estate planning attorney will guide you through creating an estate plan that is flexible enough to adapt to changing tax laws.  Individuals in Nevada are strongly urged to take advantage of the state’s trust friendly laws that could shield your assets from taxation.  Take decisive action to protect your legacy today; contact Attorney S. Craig Stone II by calling (877) 800-3424.  


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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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3295 N. Fort Apache Road, Suite 150, Las Vegas, NV 89129
| Phone: 877-800-3424

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