It’s better to plan than to predict

Visit our Year-End Planning Hub for more resources

 

Written by Cathy Shoemaker, CPA, MBA, MST

 

This is the fifth in a series of articles explaining the importance of exploring estate planning strategies in anticipation of expected tax changes that could be enacted under the Biden administration. Be sure to also read our first four articles in the series: Proposed estate tax changes: prepare now to preserve your assets; A good estate plan starts with thorough documentation; Smart estate planning moves for business owners; and Act now to take advantage of wealth transfer strategies before proposed tax law changes are enacted.

It’s better to plan than to predict

The specifics of the Biden administration’s proposed tax law changes, which could be enacted by the end of 2021, continue to be debated and adjusted as the bill is reviewed by Congressional committees. What hasn’t changed is the simple truth that planning ahead and having proper documentation in place is the best way to protect your assets and know with confidence they will be distributed to your beneficiaries according to your wishes.

Talk with your Rehmann advisor about your life, family, business, and assets

We’re here to help you prepare for any result from the proposed changes, starting with ensuring you have these documents in place:

  • Last will and testament
  • Revocable living trust
  • Living will
  • Health Care Power of Attorney (HCPA)
  • Durable Power of Attorney (DPA)
  • Beneficiary designations

You can read more about each of these documents here.

Your Rehmann team is continuously monitoring the developments from Washington. Look for an in-depth article on this topic later this month.

You can learn more about planning opportunities by joining Rehmann’s Empowered Planning series of webinars, including a playback recording of the webinar, “Empowered Planning: Your Personal Financial Strategy.”

These complimentary webinars and Q&A sessions are taking place throughout this year and provide expert insight and real-time examples of organizations and individuals who are seeking to build and maintain a strong financial foundation during these changing economic times. Learn more about the series, which is focused on planning ideas to help you move forward confidently, at Rehmann.com/webinars.

Continue checking the Rehmann blog for upcoming articles in our estate planning series.

Published in Wealth Management

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