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Changes Coming to Estate Planning in 2021

When federal and state laws change, you should make any necessary changes to your estate plan. With the change in administrations in early 2021, there could be new legislation coming shortly regarding income taxes and estate taxes, and it is important to plan ahead for these possible changes. Schedule an appointment to discuss your plan and goals with an Orange County estate planning attorney.

Some changes that might be on the horizon include:

These are all proposals currently, but they might go into effect this year or next year. You do not want to wait until the laws change and be reactive, as this can be less effective or ineffective. Instead, consider making proactive changes in anticipation of upcoming estate and tax legislation.

Possible Actions

You should always discuss the specific actions you should take in your circumstances with an experienced estate planning lawyer. Some suggestions might include:

The Ongoing Process of Estate Planning

It can be tempting to design your estate plan and forget it, but this can be detrimental to your estate and beneficiaries, especially if you have a higher-value estate. You should view estate planning as an ongoing process that needs attention throughout your life. Change might be necessary due to changing laws or changes in your personal life.

If you experienced any life events in 2020 - or expect them in 2021 - you should also discuss these with your attorney. You might make changes based on:

Contact an Orange County Estate Planning Attorney for Assistance

At the Law Offices of Roshni T. Desai, we work with clients on an ongoing basis and stay apprised of all potential and actual changes in the law. We can help you take proactive opportunities to protect your estate and family. Contact us online or call 714-694-1200 to speak with an Orange County estate planning lawyer.