While some people may be rejoicing the recent pass-through of the House's Tax Cut and Jobs Act, others may be experiencing uncertainty over the future. Sadly, this apprehension can cause those individuals to delay or even completely forgo estate planning. Learn why this is usually a poor decision, gain insight on how the bill might affect your heirs if it is passed into law, and discover what an experienced attorney can do to protect your family after your death.
The Danger of Estate Planning Delays
It can be tempting to put off estate planning, especially if you are young and healthy, but doing so can have dire consequences. Accidents occur, and even the healthiest of people can suffer a tragic illness. If one occurs and you pass away or are rendered incapacitated, you and your heirs may suffer. For example, there may be no one to make medical decisions for you, so you may be forced to endure the standard of care, despite not wanting resuscitation. Another possible consequence is that your family could be left without access to money for bills and daily expenses if you have not named a power of attorney. Thankfully, such issues can be mitigated against (and perhaps even avoided altogether) with a carefully thought-out estate plan.
Bill Would Not Eliminate the Need for Estate Planning
Although the passage of the Tax Cut and Jobs Act may lead some to believe that they no longer need an estate plan, the clear and evidenced dangers of not having one makes it abundantly clear that – at the very least – a valid will is needed. There are also other, independent concerns that individuals should be aware of, such as when and why a more comprehensive estate plan may be needed.
Consider an individual who has left behind the typical blended family: an ex-wife, wife, children, and step-children. After spending years on building and developing bonds to create a healthy and functional family, a freak accident occurs and the individual passes away. Wracked with grief and highly sentimental over a few prized possessions, the previously intact family, starts to argue over whom receives what. If severe enough, that contention can break the bonds of family, perhaps permanently.
Had the individual created a will or trust, there would have been no confusion over where the assets were meant to go. Because of this, heirs are more likely to receive their portion of the estate, and the risk of probate is dramatically reduced. Legal costs and taxes are also typically lower for heirs, and the amount of time that it takes to divide the estate is usually shorter. In short, an estate plan can protect heirs from some of the most common estate planning issues.
Contact Our Wheaton Estate Planning Lawyers
If you have been delaying the creation of an estate plan because of apprehension or misguided information over how the new bill may impact your family's future, contact Stock, Carlson, Oldfield & McGrath, LLC for assistance. Our seasoned Wheaton estate planning lawyers can examine your situation, advise you of your options, and assist you in developing creative solutions that can hopefully satisfy your needs. Call 630-665-2500 and schedule your personalized consultation with us to get started.