The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a very detailed and specific say on how their wealth is distributed when they do pass away. Despite that, it seems that many wealthy people, as well as many in the middle class, overlook this important aspect of life.
Although you can make a change to your estate plan at any time, there are two ideal times in life when updating your estate plan is a good idea. If you have experienced any major life-changing events, like getting married, getting divorced, having a child or starting a new business venture, that is also a good time to update your plan.
Of course, we are always dealing with changes in tax laws at GROCO. It’s what we do every day. Every time a tax law change occurs that is also a good time to update your estate plan in order to ensure that you are taking full advantage of any tax law changes that could help you and in time your heirs.
If you want to make sure that you help your heirs avoid unnecessary taxes on the assets you leave them, then speaking with the experienced accountants and tax planning experts at GROCO is a smart move to make. Don’t let this important aspect of tax planning and estate planning go overlooked. Contact us today by clicking here or call us at your earliest convenience at 1-877-CPA-2006.