The New Certainty of Life: Death, Taxes, and Estate Planning

Death and taxes are not nice to think about, especially during this time of uncertainty.

We have all been affected by the pandemic in some way. I personally have had members of my family and friends who have been directly affected by COVID.

There was a lot of thought in 2020, which lasted until 2021. In the words of Benjamin Franklin in 1789, “The only certainties in life are death and taxes.” We now see a third certainty with which I agree: estate planning.

With all the inconsistent information we receive regarding COVID-19, there is not always a rhyme or reason for these individuals who have lost their lives to this virus. For some of the people I spoke to about their personal experiences with COVID-19, they mentioned that death has become uncertain. Now that the election is over, we haven’t been clear about property taxes and estate planning.

Taxes and estate planning

During his campaign, Mr. Biden discussed proposals for tax, estate tax exemption, gift tax exemption, etc. Below is a chart that reflects some of President Biden’s proposals now that will have a direct impact on estate planning.

Real estate tax plan 2021

As we think about everything going on around us, it is now more important than ever to get your estate planning documents in order. This not only means your last will, but also includes all disability and disability planning documents. Our estate planning document outline provides a list of important documents to consider.

bottom line

We live in a time of great uncertainty. It is important to stay informed of all the changes that are likely to occur this year.

It’s important to make sure that your goals and objectives continue to be met as you move through 2021.

Our suggestion for you to dust off your estate planning documents and contact our office at 214-559-7202 To set an appointment to review it.

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