Death and Taxes are never pleasant to have to think about, especially during this time of uncertainty.
We have all been impacted by the pandemic in some way. Personally, I have had family members and friends directly impacted by COVID.
There was much reflection in 2020, which has now continued to 2021. To quote Benjamin Franklin in 1789, “The Only Two Certainties in Life are Death and Taxes.” We now see a third certainty of which I concur: Estate Planning.
With all the inconsistent information we are receiving regarding COVID-19, there is not always a rhyme or reason to those individuals who have lost their life to this virus. For some folks I have spoken with about their personal experiences with COVID-19, they have stated death has become uncertain. And now that the Election is behind us, we are unclear as to what will be happening with Estate Taxes and Estate Planning.
Taxes and Estate Planning
During his campaign, Mr. Biden discussed proposals regarding taxes, estate tax exemption, gift tax exemption, etc. Below is a chart reflecting some of the now President Biden’s proposals that will have a direct impact on estate planning.
As we reflect on everything going on around us, it is important now more than ever to have your Estate Planning documents in order. This does not just mean your Last Will and Testament, but also includes all the incapacity and disability planning documents. Our Estate Planning Document Chart provides a list of the important documents to consider.
The Bottom Line
We are living in a time of much uncertainty. It is important that you stay up to date with all the changes that will likely be taking place this year.
It is important to ensure your goals and objectives continue to be met as we navigate through 2021.
Do You Need to Speak With an Experienced Dallas Tax Planning Lawyer?
If you need to speak to an experienced tax planning lawyer please contact us online or call our Dallas office directly at 214.559.7202. We help clients throughout the Dallas area with all of their tax planning needs and look forward to helping you.