Estate planning: Ensuring your legacy and protecting your loved ones.

## Estate Planning: A Critical Matter for Everyone
Estate planning is not just for the wealthy or the elderly. It’s a crucial process that ensures your assets are distributed according to your wishes and protects your loved ones from potential financial burdens.

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A will is a legal document that outlines a person’s wishes for the distribution of their assets after death. It is crucial for ensuring that a person’s property is distributed according to their desires. A will must be administered through a Probate Court in most instances.

Estate planning is not just about leaving behind a legacy; it’s about ensuring your loved ones are taken care of. It’s about protecting your assets and minimizing your tax burden. It’s about making sure your wishes are carried out, even after you’re gone. Estate planning is a comprehensive process that involves various legal and financial aspects. It encompasses the creation of wills, trusts, powers of attorney, and other legal documents. It also involves asset management, tax planning, and financial advice. Estate planning is not a one-time event; it’s an ongoing process that requires regular review and updates. As your life circumstances change, so should your estate plan. Estate planning is a crucial aspect of financial security and peace of mind.

Estate planning is about…

This is a common misconception, as estate planning is not about wealth accumulation, but about protecting and distributing your assets. It is about ensuring your loved ones are taken care of after you are gone. It is about peace of mind, knowing that your wishes will be honored.

This act significantly impacted estate planning, and its effects are still being felt today. The TCJA introduced several key changes, including: 1. Increased Gift Tax Exemption: The TCJA doubled the annual gift tax exemption, from $1 million to $12 million. This means individuals can now give away more money to beneficiaries without incurring gift tax. 2. Reduced Estate Tax Exemption: The TCJA reduced the estate tax exemption, from $5.49 million to $12 million. This change allows for a larger estate to be passed on to beneficiaries without incurring estate tax. 3. Changes to the Step-Up in Basis: The TCJA introduced changes to the step-up in basis, which allows beneficiaries to inherit assets at their fair market value. These changes affect how assets are valued for estate tax purposes. 4.

Estate tax and trust implications of proposed changes.

This reduction would significantly impact individuals with substantial wealth, potentially affecting their ability to pass on assets to their heirs. The proposed changes to the estate tax system would also affect the use of trusts. Trusts are legal entities that hold assets for the benefit of beneficiaries.