Estate Planning After the Election
Now that the post-election buzz is beginning to wind down, we can finally start to sift through the rubble and ask the question that is on most of our minds.
How will the result of this election affect my life?
Regardless of your political opinion, the cold, hard, truth is that the results of any election will ultimately end up impacting us – for better or for worse. At Grimaldi Law Firm, we mean it when we say that we make your future our present therefore keeping you well-informed on what’s to come was at the top of our 2017 to-do list.
Brace yourselves America, because when it comes to a newly-elected President, even the planning of our estates can be affected! The President-elect will take the oath of office on January 20, 2017, to formally become the 45th President of the United States.
Though it’s still a bit too early to tell for sure, from the sound of what President-Elect Donald Trump has proposed, estate planning in Florida could very well be impacted in the years to come.
PEOTUS, Donald Trump has, stated that he wants to eliminate the estate tax. Right now the current estate tax is 40%, applying to estates valued at $5.45 million. Married couples are allowed to protect $10.9 million from estate tax.
One way affluent people avoid paying the estate tax is by giving gifts. Gifts are still taxed but the value of the gifts and how much they are taxed is something a president could look to change.
President-Elect Trump, in similar fashion as the estate tax, wants to eliminate this gift tax.
Capital gains, the profits from the sale of a property or investment, need to be addressed as well. When it comes to capital gains, President-Elect Trump is looking to eliminate the tax on individual capital gains, as well.
As you can see there are several items that our new president-elect would like to change or get rid of, but right now it’s still too early to tell whether any of it will actually occur. That’s why it’s so important to have a knowledgeable and trusted attorney as part of your team. One thing is for sure, you need to plan for death or incapacity whether you are wealth, on the lower end of the income spectrum, or anywhere in between.
At Grimaldi Law we want you to stay ahead of the curve and are here to protect you and your family and take advantage of any changes that can benefit your family during this transition in our country.
For more tips and advice on estate planning and probate in Florida, real estate in Florida, or for any of your business law concerns, the Grimaldi Law Firm votes YES to helping you.
Grimaldi Law Firm: Property. Planning. Protection.
About the Author: Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. She can be reached at (954) 491-8707 or firstname.lastname@example.org.
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.