So are you tired of political ads yet? Sometimes it is difficult to know what to believe and how to separate the truth from the campaign. We are all promised that the solution to our problems as individuals and as a nation is to vote for the “right” candidate. However, the sad truth is that regardless of who is elected as our next president, our country will face enormous financial liabilities due to our current situation and massive debt. Because of this, it is more important than ever to stay abreast of the current issues and changes in tax laws that may affect you.
The upcoming changes will likely be significant out of necessity, and, If no action is taken before the end of the year, thousands of Americans may see a significant increase in the potential tax exposure. Depending on your individual circumstances, there may be planning that should be done prior to the end of the year. It is important to have your current estate plan reviewed to ensure that you are not missing out on estate planning tools that may no longer exist after January 1st.
If you currently do not have an estate plan, now is definitely the time. If you do have an estate plan, now is the time to ensure it is current with the law and your personal situation.
Contributed by MH Arrowhead and Phoenix Estate Planning Attorney West Hunsaker
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.