There are just two weeks until the presidential election on Tuesday, November 5. Voters in nearly a dozen states have started casting ballots as early voting rolls out for the general election. Estate planning in an election year may involve considering potential changes in government policies, economic priorities, Social Security and retirement regulations, healthcare policies, and market reactions.
Elections can significantly impact estate planning, especially in terms of federal tax laws, estate tax exemptions, gift tax exemptions, income tax policies, and the Tax Cuts and Jobs Act, which is set to expire at the end of 2025. As a result, consulting with a Florida estate planning attorney is essential to adapt your plan to new developments. You can optimize your estate plan in an election year by getting personalized advice from The Law Offices of Max J. Paul. Our goal is to ensure election results do not drastically impact the effectiveness of your estate plan.
We understand how proposed modifications could affect your estate plan and financial health in order to help you make the best possible decisions for your unique situation. Before the 2024 presidential election, do not delay setting up or recalibrating an estate plan. Your estate plan should reflect your current goals and circumstances.
Reviewing your estate planning documents every year is always recommended, particularly when policy changes are likely. Take this opportunity to review your wills, trusts, beneficiaries, and power of attorney documents with your lawyer. Learn how to manage estate planning during an election year with expert tips on tax policies, gifting strategies, and trust options.
Seeking professional, personalized support from an estate planning attorney will leave you with peace of mind, knowing your assets are protected especially as tax policies evolve. We provide the resources, expertise, and knowledge you need to make the best, most informed decisions for yourself and your loved ones.
Given the potential changes described above, it is important to consider how they might impact your estate planning strategy. Regularly reviewing and updating your estate plan ensures it aligns with current laws and your financial as well as medical goals. Contact our Florida estate planning law firm today at 561-807-1977. You can also fill out this form for easy access.