Have you given any thought to who will be President when you die? Most of us have not. Many of us have a life expectancy of 20 years (30 years jointly), which is 5 to 7 Presidential terms.
No matter who is in office, tax laws will change; and it’s important that your estate plan has the options and flexibility to change with those laws.
Watch our brief video (2.12 minutes) to learn more.
Video Transcription
So who will be president when you die?
That’s a question most of us can’t answer because a lot of us have a life expectancy of 20 years, which is obviously five presidential congressional terms! Some of our clients have a joint life expectancy of 30 years, which is seven and a half terms! And we all know how much can change in just one term.
The other thing we know is that the federal debt is double what it was ten years ago. We know the wealth gap gets bigger each year, and we know that currently the House, the Senate, and the Presidency are all controlled by the Democrats. So, it should be no surprise to us that we’re seeing a plethora of tax law changes being proposed. From income taxes to estate or inheritance taxes, we’re seeing multiple changes being proposed in those areas.
In addition, we’re seeing a lot of changes being proposed to the tools and techniques that we’ve used for decades to help our clients minimize their estate taxes.
So what can you do? The first thing we think you should do is get clarity of your goals and objectives. When you die, there’s only three places your assets can go: to your heirs, to the community, and to the federal government. So you need to decide what percentage of your assets you want to go to each of those three areas.