By Wealthramp, and network tax planning advisor Eric Ross CFP, F2 Wealth As we come to the end of another […]
This is the ideal time to focus on your 2025 estate planning goals. Estate planning isn’t just for the wealthy. Beyond the tax advantages, the raging wildfires we’ve just watched reduce entire communities to rubble make us realize the urgency to make sure your family is protected if you’re not in a position to act. With upcoming changes to estate tax exemptions, more Americans need to review their plans. Strategic planning can minimize taxes and ensure assets are distributed according to your wishes.
I just spoke with Brooke Bees, CFP® who is a seasoned estate planning expert in our Wealthramp network. I’m going to share some of her advice that both sets us up for success and ensures our loved ones are protected.
True wealth management is about more than investments—it’s about protecting your legacy. Estate planning may not seem exciting, but ignoring it can have serious consequences. In 2025, take the time to prioritize your estate plan and secure your future.
Why now? The Tax Cuts and Jobs Act of 2017 significantly increased the estate and gift tax exemption, but these changes will expire at the end of 2025. When that happens, the exemption amount will drop to about half its current value, potentially impacting many Americans.
With the expiration of the Tax Cuts and Jobs Act approaching, it’s critical to take proactive steps to minimize estate taxes. Here are key strategies:
In 2024, you can gift up to $18,000 per person (or $36,000 for couples) without triggering federal gift taxes. This reduces your taxable estate while helping loved ones now.
Donating appreciated assets, like stocks, allows you to avoid capital gains taxes, support causes you care about, and receive tax deductions.
If you’re unsure which charities to support, consider a donor-advised fund. These funds provide tax benefits and flexibility, letting you contribute assets and recommend grants over time.
Review how your assets are titled and who your beneficiaries are. Proper designations and the use of trusts can control distribution, protect assets, and minimize taxes.
Major life events often necessitate estate plan updates. A sudden and unexpected event that could threaten your health or your assets, Selling a business, retiring, investing, or making significant gifts can all have tax and legal implications. Being proactive can save your family unnecessary stress and financial burdens.
Proactive estate planning protects your assets and provides for your loved ones. Taking action now ensures your legacy is secure and your wishes are fulfilled.
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