Livens & Reed, PLLC

How will the new tax laws affect estate planning?

April 15 is likely not a favorite day of the year for most Texas residents and others across the nation. Many taxpayers delay filing their federal income tax returns until the very last possible minute. This year in particular, the Tax Cuts and Jobs Act has presented numerous changes to which those filing must adhere. The new regulations have implications for individuals as well as corporations and estates. Experts have weighed in on how the new tax law has affected the estate planning process.

In the past, many estate plans included documents that were full of detailed calculations regarding asset distribution. These details were listed to take advantage of every pertinent tax benefit. However, under the new law, these types of calculations are no longer applicable. Therefore, it is important for those developing an estate plan to consider tax implications throughout every step of the process.

A person needs to first determine what assets will be distributed one day and then decide who should receive them. Other issues that may need to be addressed in an estate plan could include guardianship of minor children and/or providing for a spouse in the future. In fact, estate plans will be unique to each individual and should be reviewed and updated periodically, especially after any major life events.

Since, according to an old adage, there is nothing certain in life except death and taxes, considering the long-term effect of taxes on one's estate is important. Involving a Texas attorney familiar with estate administration is vital during the estate planning process. Working with an experienced lawyer can offer the peace of knowing that one's future wishes will be carried out as desired.

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14135 Midway Road
Suite G-250
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed, PLLC

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663