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Senior Spectrum Publications

The Time is Now
by Gerald M. Dorn, J.D., EPLS, AEP
Anderson, Dorn & Rader, Ltd.
Legacy and Wealth Planning Attorneys

 

Gerald Dorn
Gerald Dorn

You’ve probably heard many stories on the news and elsewhere about the latest tax proposal from the Trump Administration.

With so many potential changes in the legal landscape (ranging from this recent tax framework to the work on “repealing and replacing” Obamacare), you might be tempted to think that a wait-and-see approach is the best option when it comes to thinking about updating your estate plan.

Nothing could be further from the truth! The real reasons for estate planning are as relevant as ever. Although the possibility of reducing or eliminating death taxes is important, it’s worth remembering that no court, legislative body, US President, or bureaucracy can stamp out irresponsible youth wasting their inheritance, divorcing spouses attempting to take advantage of family wealth, family discord that can tear your family apart, lawsuits that threaten your family’s inheritance, or taxes altogether. Even though the tax rate, deductions, credits, and other aspects of taxation will undoubtedly change over time (as they have throughout the years), we’ll always have some kind of tax around. I’ve yet to see a proposal that eliminates all taxes. As a result, your plan may need to be updated to include modern flexibility tools (like trust protectors or broad “decanting” powers) so it can bend, but not break regardless of what Congress and the President throw our way.

We’ll develop new, flexible legal strategies for maximizing tax savings as the tax laws change. As our client, you’ll be among the first to know about these opportunities as they develop, but resolving the other pressing estate planning issues you and your family face must be done regardless of what’s happening in Washington.

Trump Tax Plan

Luckily, we have well-developed legal strategies (such as lifetime trusts, special needs trusts, and robust incapacity planning to name a few) for overcoming these issues, all of which are flexible enough to weather eventual changes to the tax regime. But these strategies only work when we have a chance to work with you to update or refresh your will, trust, and estate plan.

As always, we are here to help. We want you to rest easy, despite the uncertain times that we live in. Give us a call today so we can discuss how to update your will, trust, and estate plan so it continues to work for you, no matter what changes may come.

Gerald M. Dorn has been practicing estate planning law for 21- years and is the managing shareholder of the law firm. Mr. Dorn is a Certified Specialist in Estate Planning Law and an Accredited Estate Planner by the National Association of Estate Planning Councils.

The law firm of Anderson, Dorn & Rader, Ltd. is devoted exclusively to estate planning and estate and trust administration. The attorneys at Anderson, Dorn & Rader, Ltd. offer guidance and advice to clients in every area of estate planning and estate and trust administration. For more information or to attend an upcoming seminar, please contact us at (775) 823-WILL (9455), or visit us online at www.probatebusters.com.