With new tax laws come many new and interesting changes that may carry significant implications for those with existing estate plans. This is just one example of how creating and maintaining an estate plan is an ongoing task.
Estate planning offers many advantages and protections to those who use legal tools properly and understand their limitations. However, many estate plans involve terms that are not possible to enforce, or create tensions between potential beneficiaries. Such seems to be the case with the estate plan of late soul music legend James Brown. By now, it has been over a decade since Brown passed away, but his estate remains unresolved.
With the passage of the new lax laws, many estate plans require revisiting and possible revising. For many years, estate planning professionals navigated complex tax avoidance systems to help clients keep more of their own estate to pass on to their beneficiaries.
Establishing a living trust is an important step for many individuals assembling their estate plan. However, it is not always clear how and when to fund a living trust. The flexibility of a living trust can often prove overwhelming to those not fully familiar with how to use such a tool. It is important to make sure that you have all the guidance you need to fully take advantage of all of its benefits.