6 Things to Know About Trump’s Potential Tax Policies & Estate Planning in New York: What You Should Know
As we look ahead to potential changes in political administrations and what they may bring, a common question that arises is whether any of former President Trump’s changes to tax laws will go back into place. There is some uncertainty and you should look to be ready for all that might come. There is always the importance of planning. Planning for your estate can be daunting, so why not do what you can to have the greatest financial future ever! There is always more that you can learn and steps that you can take to plan. That planning can mean security and help. You can be prepared, all while taking the actions to secure your financial future. At Morgan Legal Group, serving New York City and beyond, we are committed to keeping our clients informed and prepared for any potential changes in the legal landscape. We will always tell you what steps to be taken and what new or existing policy you should be working to address. This is our mission! This comprehensive guide will explore what Trump’s plan was for tax policies and what steps you can take with legal help from our incredible team!
Understanding the Current Estate Tax Landscape
To truly understand what may happen, we must take a look at our situation in the current day and age! As of writing this, what do we need to know for estate planning for New York:
The NY and Federal Estate Tax thresholds and tax rates.
Understanding which assets will be involved with your estate plan, it helps to:
Make sure the process of what goes where is less taxing to those that may need to make those decisions. It is a sign of kindness.
What are the processes in what these are. A quick list is below
Federal-The threshold is $13.61 million
New York- is $6.94 million
With these it is important to understand that it may change and always take what the experts tell you is the best option.
A Look At What Trump’s Changes Involve With Taxes
Many have speculated as to what President Trump will enact should he win and be back in office. One item, if touched, could affect many estate plans across the United States.
It is something to be sure to stay on top of, should these plans come to fruition.
As of 2017, The Tax Cuts and Jobs Act doubled the threshold. But what does it mean for you?
If his plan is to cut, then there would also be:
- Estate Tax to what your loved ones might inherit.
- What will happen with the gift tax.
Again, be mindful that this is all just speculation. You do not want to jump at anything if it is simply a rumor. Wait until things are concrete.
A Look at The Power of a Great Legal Team for Protection From What Might Come
A proper team will protect you in any way, even if there is the slightest chance that something might be done to it. Having the right guidance will:
You are in good hands
Ethical
With this there are many points you can count on your team to provide you power and protection during a situation such as this and the legal team with Morgan Legal Group P.C. is ready to guide you and help you protect all that you are seeking.
Look to the Future
While much of this situation is hypothetical, you should also note what you have to look out for in the future! As many areas such as probate, legal, estate and tax, will be something that may alter.
Having the right steps is good for all:
- You might want to add more to your will! Which is a big way to decide how people receive your assets!
- Keep in mind that any addition to your family will also have to be accounted for as well. This can impact who your beneficiaries are, and if anything requires to change to ensure your wishes come true.
- Your attorneys can advise to have a better plan and make sure that all your finances and more are protected. With any new addition or life event, they will know what moves to make next.
You should reach out to your attorney right after you have or plan for a major change! This will make sure it does not go unremembered.
Also, reach out for help with estate laws! They are constantly changing, so you want to be aware. There are some websites that are known for relaying the proper information. Seek those out as well, you need to remember that every little thing matters!
The Difference Between Irrevocable and Revocable Trusts
This is what can cause a huge shift as to how you structure your plan. Trusts should always be up to date and those selected to be your advisors should know what your wishes are. With this you know that your money is well looked after and protected to be for your future generations.
While you might have heard of these, you want to know the difference between them! Take note and see if any of this is something for you:
- To keep financial assets from others you may consider an Irrevocable Trust because what’s in it, is in it!
You are not able to alter or change any financial action, and this is to protect you as much as it is to protect them! - While some people want protection, flexibility can also be good! Which is why a Revocable Trust is also a great option to explore.
It gives you what you need to shift and change it at any stage. So whatever life throws at you, it is ready to do what is best.
You may not know all the reasons or ins and outs of a Trust just yet, that is why you should speak to the correct professionals.
Benefits of Contacting Morgan Legal Group P.C.
If you are feeling lost, you may need the guidance of a trusted leader! Here are the details.
We have been here for years assisting countless families and would love to do the same for you. You may be in a tough time and don’t want to make the right decisions, we get it. It’s so important to have a well versed expert help you to get your life, and your family’s life to what is needed.
By getting ahold of us at Morgan Legal Group P.C. you are taking the first step. As such, you can also read about our work on our Google page by clicking to this link: HERE.
Let us know how to be of help. We can’t wait to assist!
Morgan Legal Group proudly serves the New York City community including the Bronx, Brooklyn, NYC, Queens, and Staten Island. If you are outside of New York City we also serve Long Island including Suffolk County. As well as Westchester, Ulster County, and Orange County.NY Courts
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