Why Your Estate Plan Needs a 2025 Update NOW
Update your estate plan for 2025 tax changes now! Join Bob Powell and Noah Harden for new strategies. #EstatePlanning #TaxChanges
Key Takeaways
- Before selecting any estate planning tools (GRATs, trusts, etc.), first define your personal and family goals—these act as your 'finish line' to guide all planning decisions
- If you already have an estate plan, conduct a year-end review to assess life changes (income growth, children's situations, asset changes) and ensure your plan still reflects your current wishes
- For couples in the 'middle' category uncertain about estate tax exposure, consider flexible strategies like Disclaimer Trusts (decide at death whether planning is needed), SLATs (gift assets while spouse retains access), or SPATs (special power of appointment trusts that allow beneficiary and distribution adjustments if tax laws change)
- Below-exemption families may benefit from basic estate documents plus simpler trust structures to address non-tax goals like spendthrift protections or efficient business transfer, while preserving the 'step-up in basis' advantage for heirs
- Monitor Congressional action in early 2025 for decisions on making the Tax Cuts and Jobs Act provisions permanent; Republicans have signaled intent to extend high exemption amounts, but watch for final legislation as negotiations continue
Why Your Estate Plan Needs a 2025 Update NOW: Estate Planning - New Strategies for 2025 Tax Changes. The end of year is a great time to evaluate your estate plan. Between the federal election and potential tax law changes on the horizon, significant uncertainties may impact estate planning through the end of 2025. In this video, Bob Powell, Mr. Retirement, is joined by Noah Harden, the National Wealth Planning Manager at Comerica Wealth Management to discuss Estate Planning - New Strategies for 2025 Tax Changes.
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