I was speaking with a client recently who had questions about the recent new administration in the White House. Specifically, this client had questions on whether there is a need to plan your estate and plan for the transition of your business to the next generation given the new Donald Trump administration. Specifically, this client asked about the abolishment of the estate tax and the suspension of the new regulations, including the valuation discounts for Family Limited Partnerships.
I told this client, as I tell every client, it is never a good idea to base your estate planning and business planning on who happens to be in the White House at the time. In the end, there will always be death and taxes, and the person who cares about your family the most is not in the White House ... they are in your house.
There is always a need to plan your estate for the smooth transition to the next generation, to avoid unnecessary court costs, to avoid unnecessary taxes, and to avoid unnecessary legal expenses. In addition, if you are a business owner, you need to plan for the event that you can't run the business anymore. You need to plan for the day that you pass away, if you become disabled, or maybe the day you retire and pass it on to the next generation of businss owners.
This type of planning should continue regardless of who is in the White House at any given time. A smart person and a smart family person should always plan their estate and their business to make it easier for those that you leave behind.
If you have questions about estate planning, business planning, and business/corporate law, contact our office for an initial consultation. In addition, we have several free special legal reports and articles on the website that will help you with your legal needs. As I tell everyone, before you hire any attorney, do your homework first - download our free legal reports right here off the website!
As always, if you have any questions, please call us, we are always here to help!
Daniel A. Perry