Yes You Have to Update Your Planning
Estate planning is about as much fun as getting a root canal. Unless there is a strong driver, like a pending change in taxes (there is with the exemption dropping in 2026) or asset protection need (can you ever know when someone might sue?) people tend to put off planning. That can be a costly and difficult mistake. If you or a loved one experience a life changing health issue, it may be too late to plan as signing documents may be impossible. If a claim arises, and certainly after a lawsuit is filed, it is probably too late to do asset protection planning. If you have a family business interest that might balloon in value, after the buyout deal, you will have lost an opportunity to have moved the asset out of your estate at a lower value. So, the moral of this tale is simple, plan now.
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