The New Tax Law Means It's Time to Review Your Estate Plan
While the new tax law doubles the federal estate tax exemption, meaning the vast majority of estates will not have to pay any...
Read moreWith Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax. In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans, it's already been repealed. With no estate tax, do you still need a trust? While trusts can be used to shelter assets from the estate tax, trusts have many other valuable estate planning uses.
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." The following are some of the benefits of trusts.
Trusts are just one possible part of an estate plan. To know if a trust is right for you, consult with your attorney. To find an attorney near you, go here: https://www.elderlawanswers.com/elder-law-attorneys. For more on trusts, click here.
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