• Genoveva Meza Talbott

Planning for the Future Without a Crystal Ball


Planning for the Future Without a Crystal Ball

Creating a will, trust, or any type of estate plan has always involved dealing with an uncertain future. Consider that just 25 years ago, the estate tax had an astonishing 55% rate with only a $600,000 exemption. Back then, tax-driven estate planning was a mathematical necessity for a large segment of the population.


Fast forward to 2022. Not only do we now have a generous $12.06 million exemption for individuals and a lower 40% rate, but we also have potential legislation that would cut that exemption to half in 2026. So, what does this mean for you, as you’re planning for the future?


The High Estate Tax Exemption Means No Need to Plan...Right?

Nothing could be further from the truth! Although there was a lot of tax-driven planning in the past, in recent years estate planning has largely focused on preserving family unity, protecting assets, ensuring privacy, and effectively passing along financial and emotional legacies.


These are important concerns whether your estate is under $12 million or $6 million. Estate planners, like us, can now work with you to protect you and your family against costly, public probate, guardianship, or conservatorship court proceedings and further your legacy goals.


For instance, while you may not be worried about paying estate taxes, you might be worried about some of these things happening to your family:


● A financially irresponsible child or grandchild wasting their inheritance simply because they lack the financial maturity to handle wealth.

● A divorcing spouse of one of your heirs taking advantage of family wealth.

● Family discord lurking under the surface that tears your family apart, especially after the death of the patriarch or matriarch.

● A lawsuit, judgment, or bankruptcy that causes your family to lose their inheritance.

● Alzheimer’s or another cognitive impairment affecting you or someone else in your family.


Luckily, we have well-developed, flexible legal strategies for overcoming these issues. Although estate planning can’t necessarily repair a damaged family relationship, proper planning can help make sure it does not get any worse. But these strategies only work when we have a chance to work with you to implement or refresh your will, trust, and estate plan.


So, there’s no crystal ball. Where should I go from here?


According to Wealth Counsel’s Estate Planning Literacy Survey, about 74% of Americans find estate planning to be a confusing topic. So, you’re not alone if you’re unsure about your next steps. We’re here to help.


If you don’t yet have a will or trust, now is the time to explore getting one. If you have an “old” will or trust, now is the time to talk with us about whether you need an update.


Modern families need modern estate planning solutions, and we are ready to help you create a flexible estate plan that works now, and will work in the future, even if the current tax laws change (even though no one has the proverbial crystal ball).


Meza Talbott Law

A Family + Estates Firm

(909) 377-8141

Claremont, California

www.MezaTalbottLaw.com



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