If you are a serious minded individual who wants to be optimally prepared every step of the way you have to understand the fact that estate planning is not a single event. Things can happen both in your own life and in the world around you that can be relevant to your estate planning efforts and you must be ready to make adjustments along the way.
This is one of the reasons why it is advisable to develop a solid working relationship with a good Long Island estate planning lawyer. Your attorney will become cognizant of your wishes and gain an understanding of your financial profile. And then when things take place that make revisions necessary your attorney will be able to implement them efficiently and effectively.
An event that can have an impact on your estate plan is looming at this very moment. The estate tax exclusion is going down to $1 million and the rate is rising to 55% when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 expires at the end of this year. So if your estate is valued in excess of $1 million and you have made no plans to gain estate tax efficiency you may have to take action.
It should be noted that the above-mentioned figures can be altered if there were legislative changes implemented before the end of the year and this is something that the estate planning community will be watching closely.
If you’re interested in discussing these pending changes with an expert, take action right now to arrange for a consultation with a licensed Nassau County estate planning lawyer.