Estate Planning Strategies You Can Still Consider While Waiting for Tax Reform
May 29, 2017
It is not yet clear how Congress will take action with regard to estate tax reform. It is extremely probable that estate tax reform will happen in the next two years, but it is currently no more than speculation to determine how this might influence your individual life. 
However, there are ten strategies that you can consider with your overall estate planning while waiting for Congress to take action. These include:
- Annual exclusion gifts.
- Estate freeze installment sales.
- Short-term GRATs.
- Lifetime exemption gifts.
- Family limited partnerships.
- Flexibility in your core planning documents.
- Community property trusts.
- Philanthropic planning.
Although the future may remain unclear, it is important to take control of your own individual future and determine the goals and intentions that you have for your estate. It is imperative to think not just about what will happen to assets when you pass away, but also the plans you have in place to protect you and your loved ones if you were to suddenly become incapacitated. Many people ignore this process altogether and realize the serious consequences of failing to act all too late. Suddenly suffering an incapacitating event that renders you unable to make decisions for yourself can lead to legal challenges and emotional issues for your loved ones.
