At the moment, it is difficult to know exactly what is going on in Washington D.C. and what might come from Republicans' tax reform plans. That makes flexibility in estate planning more important than ever.
Whether you believe those revelations or think that they are the product of “fake news” sources out to get the President, it cannot be denied that the result is a lot of confusion and uncertainty.
While all that is going on, Republicans are trying to move forward with plans for tax reform that are also uncertain. No one is quite clear about what Republicans will do, what President Trump will agree to and whether Democrats will attempt to or be able to block anything.
It's even possible that tax reform will get lost in the background noise of other Congressional investigations.
This all makes estate planning more difficult.
Without knowing what the tax laws might look like in the future, it is almost impossible to make appropriate plans for such taxes.
However, estate planning is still necessary in uncertain times.
It can still be done well by being flexible, as the Wills, Trusts & Estates Prof Blog discussed in "Estate Planning Strategies for Uncertain Tax Reform."
By maintaining flexibility with your estate planning, you can more easily change plans when the political situation becomes less chaotic.
Talk to an estate planning attorney about how to go about doing just that.
For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Wills, Trusts & Estates Prof Blog (May 15, 2017) "Estate Planning Strategies for Uncertain Tax Reform."