The Tax Cut and Jobs Act of 2017 made some major changes to the Internal Revenue Code. Since it significantly increased the exemption amounts for the estate and gift taxes, it made the need to engage in estate planning for tax purposes a less pressing issue for the majority of people. However, there are still many reasons why Arizona residents may consider drafting these important plans.
In the United States, approximately 13% of women will receive a diagnosis of breast cancer at some point in their lives. Men also suffer from this disease with an estimated 3,000 diagnosed annually. Though such a serious illness is a frightening prospect, it may only magnify the importance of estate planning. Arizona residents who are facing a serious health crisis are encouraged to attend to this important issue sooner rather than later.
Before the advent of technology, most people could handle their final wishes through wills and trusts. However, since so much of life is handled through online accounts, estate planning may need to take this into consideration. Arizona residents who need to establish their own plans may wish to ensure these digital assets are included when drafting their plans.
Parents work hard to provide for the needs of their children. Part of that provision includes estate planning, which may be especially important for single-parent families. Arizona residents who are concerned about how their children would fare if they died unexpectedly may wish to establish a trust.
Few people like to think about death, especially their own. But those that do may find some comfort in the knowledge that they have protected loved ones through estate planning. Unfortunately, many Arizona residents mistakenly believe that having a plan in place is not necessary.
Today's families take many different forms. Many families are comprised of stepparents, biological children and children from previous marriages. When it comes to estate planning for these situations, Arizona residents may need to approach the task with careful consideration.
The internet is full of websites that purport to teach a viewer how do almost any task. While many of them can be helpful, there are some topics that do not lend themselves well to a do-it-yourself (DIY) approach. Though it may be tempting to think about carrying out estate planning in this fashion, Arizona residents may find that such an approach will cost more in the end.
Living the life of a single person may be a fantasy for married parents. While those with children have obvious reasons for tackling estate planning, single people benefit from it as well, maybe even more in some circumstances. Arizona singles may wonder why they should consider this an important task.
It is estimated that that only 30 percent of adults have taken the time to settle their affairs. This indicates that most people have yet to tackle the important issue of estate planning. Though this task is often seen as irrelevant to all but the wealthiest, Arizona residents who do have plans demonstrate sincere concern for their loved ones.
No one enjoys contemplating their own demise. Sadly, it's true that one cannot avoid death or taxes, but careful estate planning can alleviate much confusion for loved ones. Arizona residents who are preparing to undertake this task may benefit from learning what common mistakes can undo their best intentions.