The Wealth Advisor
Trump’s First 100 Days: Looking Back and Planning Ahead
How We Can Future-Proof Your Estate Plan
The recent political news cycle has been nothing if not lively. Are you concerned about how your taxes, healthcare, and trusts might be impacted by changes in our government under the new administration? If so, you are not alone: Considering how many twists and turns the first 100 days of Trump’s presidency has provided, many Americans are wondering what’s happening with estate planning and what they can do to secure their future.
While there have been several proposals that may impact your estate, no significant changes have already taken effect. Let’s begin with a quick look back at these first 100 days and consider what they’ve meant for the U.S. tax and healthcare landscape. Then we’ll discuss strategies you can use to make sure your estate plan is future-proof.
Actions from the first 100 days that could affect your estate
1. The repeal and replacement of the Affordable Care Act
2. Repealing the federal estate tax and GSTT
Another point of consideration is what would happen to the gift tax and generation-skipping transfer tax (GSTT) should the estate tax be repealed. Given the uncertainty surrounding these potential high-impact changes, the best tactic at this point is to plan for multiple scenarios and remain abreast of any pertinent proposals or votes in the coming months.
Why flexible planning is crucial in this period of flux
● Privacy: Ensuring that the details of your estate do not become public record by way of probate proceedings
● Protection from court interference: Avoiding situations like probate or living probate (also known as guardianship or conservatorship) by creating and funding a living trust
● Long-term care: Appointing healthcare providers and healthcare powers of attorney in case you become incapacitated so that it doesn’t become the court’s decision, resulting in guardianship or conservatorship.
Planning with flexibility is now more important than ever. No one can know exactly how proposed changes to our tax and healthcare systems will shake out in the coming months and years. In addition to the new administration’s effect on estate planning, the coming elections in 2018 and 2020 may provide even more changes to tax and healthcare policy. That’s why it’s more important now than ever to create a plan that has enough flexibility to roll with the punches.
Let’s make your estate plan ready for anything
Times are changing, but a well-planned and flexible estate is always a benefit for you and your family. Feel free to get in touch with us anytime to set up your next estate planning appointment, and together we can make sure your plan is in excellent shape and ready for whatever comes next.
Sellers Johnson Law • 1 Research Court, Suite 450 • Rockville, Maryland 20850 • (240) 988-5530