Wednesday, January 10, 2018

How the New Tax Law Impacts You!

Hopefully you have heard that we have a new tax law. This new law is called: The Tax Cuts and Jobs Act of 2018. It is a major redo of the tax code and extends the impacts of the 2010 tax re-write into your estate planning.



Here is what you need to know now:

1. Run don't walk to your estate planning attorney's office to amend your plan if you have an old style A-B trust or marital trust plan. If you don't know, then find out immediately. The doubling of the estate, gift and generation skipping tax exemptions are the reason this is so critical.

Just like in 2010 and after, if you die with an old plan with these old formula provisions you will wreak financial havoc on your family and create results you never expected and your family will hate you for forever.

2. While you are in your estate planning attorney's office make sure your beneficiary designations and titling are properly coordinated with your revised estate plan.


3. Next schedule a meeting with your accountant and income tax advisor and learn just how much the new tax law changes your income tax situation. Again, you will be surprised just how significant the changes might be to you and your family.


No matter how you feel about politicians, their involvement in your money and estate plan can be minimized or eliminated. Make sure you discuss how you can do that with your estate planning attorney.

Don't delay, make sure you take these actions immediately or sooner.



Thursday, December 14, 2017

4 Reasons that Estate Planning Makes a Great Gift this Season

Giving the gift of estate planning can be one of the best gifts this holiday season!


Let's look at why estate planning is such a great gift.

1. Unlike a new phone or electronic device your estate plan does not expire or go out of fashion. Your estate plan is one of those forever things that is always there for you and is always protecting your loved ones. No phone can do that!

2. Your estate plan not only protects you but also your loved ones. It is inherently a gift of sharing. You don't have to loan out your estate plan like you would a phone or other device, it just sits in the background and is there when it is needed.


3. Your estate plan can be made private. Unlike a new device the government or other hackers cannot snoop on your estate plan. If you like privacy your estate planning is much better than dropping out of society and living in a cave forever.

4. Many clients have given the gift of estate planning for the holidays and told me that the peace of mind they have gained knowing that their families and property are protected is priceless. That makes estate planning not only a great gift but worth more than any other gift out there.

Consider taking the advice of these folks and give the gift of estate planning to your family this holiday season. You'll be glad you did!

Bernie Greenberg

Tuesday, November 7, 2017

How Proposed Tax Reform Impacts Your Estate Plan

As you may have heard, President Trump and the Congress have proposed a major revision to our tax system. This tax reform contains major changes to the estate tax arena which also involves estate, gift and generation skipping taxes.


In the article link below, these changes are discussed in detail and that's good because I don't believe you want to read a 770 page article from me. Here is the article:

Wealth Management Article on Estate Tax Changes

As you can see the changes to the estate tax system are significant! Here is a short list:

1. Immediate increase in the exemptions to $22 million.

2. Repeal of the death tax in the year 2024.

3. Other changes too numerous to list here. Please read and print the article to have for reference.


If you read that entire article I will buy you a cup of coffee! Congratulations. Suffice it to say that this proposal has not passed yet and my never do so. Watch for more news about this. I view this as a continuation of the trend started in 2010 to remove the tax overlay from your estate planning. Whether this will pass is a question not addressed here.

Thank you for your attention and interest in estate planning.

Bernie Greenberg