The recently passed tax changes include a doubling of the estate tax exemptions. This has made many well-off families happy, but it has also left many of them wondering how they should respond to the changes.
People are not quite sure whether they still need to make estate plans now and if so, how their plans might be different than before. There is no single answer since it depends on individual circumstances. One way to help figure out what it might mean for most people, is to look at what elder law attorneys think will happen as a result off the changes.
Wealth Managementdiscussed this in "Will High Estate Tax Exemptions Mean Less Planning?"
Most elder law attorneys do not expect to see very many changes in planning. Those who do, tend to think any changes will be small.
One reason is the number of people who will no longer have to pay the estate tax. Why? Because the number of Americans with estates exceeding the higher exemption is relatively small, when compared to the general population.
A bigger reason is that many experts do not expect the changes to last very long and that politicians in will reverse the changes in the near future.
If you want to know what the changes mean for you personally, schedule an appointment with an elder law attorney to discuss it.