There’s no doubt that America’s political landscape has become polarized over the past decade. And it’s well known that partisan politics can lead to uncertainty in many areas that can have a direct effect on our lives. Estate planning is no exception.
A shift in political leadership could mean there will be some required changes to your existing estate, financial, and tax planning. If you are wondering exactly how politics can affect estate planning, then consider the following implications:
- Reduced exemptions for gift and/or estate taxes;
- Increased transfer tax rates;
- Reduced transfer tax exemptions;
- Repeal of certain estate planning techniques;
- Increased income tax; and
- Repeal of Step Up in Basis.
The uncertainty of the country’s political landscape means it’s time to review and make decisions with regard to your current estate planning strategies, investments, and other assets now and to ensure your financial legacy for the future.
Protecting yourself
While we can make various predictions about how politics could affect your estate planning strategies, it’s impossible to actually know what will happen in the future.
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
Be that as it may, it’s still possible to make smart decisions about protecting your wealth and long-term financial stability. Estate planning attorneys have the experience needed to create a comprehensive estate plan that can help you to weather whatever changes take place in Washington.
The benefits of consulting with an estate planning attorney are that they are knowledgeable when it comes to current rules regarding financial, tax, and estate planning which can make it easier to take steps to keep your plans safe no matter what happens over the next few years.
For California residents
Asset protection planning involves making sound decisions today to protect yourself, your business, and your assets from any possible loss. Lawsuits, creditors or bankruptcies, and political changes in California and Washington, D.C. could potentially endanger you and your assets. With a comprehensive estate plan, you can ensure a smooth transition of those assets to your beneficiaries, thereby securing your legacy.
California residents, especially those who are business owners, should stay informed about asset protection laws in California. One popular legal vehicle for asset protection is a trust, the most common trust is a domestic asset protection trust.
Another commonly used asset protection tool available in the state are retirement plans; the law also allows for an exemption for life insurance.
In-Demand Guest
In-Demand Guest
TV and Radio stations throughout San Diego rely on Rod’s expertise regarding estate planning.
Business owners in California often use limited liability companies and corporations for lawsuit protection. In addition to asset protection, conducting a business via a legal entity can offer substantial risk management benefits.
At Hatley Law Group APC, we provide estate planning services to help you build a comprehensive plan that will ensure a smooth transition of your assets to your beneficiaries, thereby allowing your legacy to pass with little to no tax exposure and protected from creditors and predators.