Pre-Election Estate Planning Moves for High-Net-Worth Families
Election Day may seem far off at the moment, but as we stride into the summer, it’s prudent to reflect on the intimate relationship between presidential politics, policy changes and your estate planning.
As you may recall, prior to the 2016 presidential election, there was a flurry of activity in anticipation of possible changes to the tax code. At the time, presidential hopeful Hillary Clinton was threatening to raise the estate tax to 65% and lower the ceiling for estate-tax exemptions. These campaign proposals drove high traffic to estate planning attorneys, as individuals rushed to protect assets before such laws could be implemented.
Given that precedent, and in order to avoid the stress of last-minute changes to your estate-planning documents, we suggest putting your financial house in order now, while you have time to be deliberate and purposeful in your planning.
Each family’s situation is unique, with its own complexities and dynamics. That being said, there are strategies and best practices in a planner’s toolkit that can
