2018 is right around the corner. We will be dealing with massive changes to the tax code due to the enactment into law of the Tax Cuts and Jobs Act. Some of those changes are going to apply to you and some of those changes will affect your retirement and assets that you hope will go to your heirs. Are you ready?
Any time there are significant changes to the tax code, it is essential that you review your retirement and wealth transfer strategies. Under the new law, the federal estate tax exemption increased and the gulf between state and federal estate taxes grew wider. Therefore, planning is more important than ever. The older your estate planning documents are, the more likely it is that they are not going to work well under the new rules. Your beneficiaries could be negatively impacted. Do you even have the right beneficiaries named in your documents and on your beneficiary forms?