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Estate planning can grow more complicated as changes are made

Our Texas readers, among others in the United States, take great pride in creating an estate plan that will protect their family after their death. Along with this, they do so with hopes that it will relieve stress while they are alive.

When it comes to the estate planning process, what you do today may not be good enough tomorrow. The reason for this is simple: changes happen from time to time, both on the federal and state level.

A growing number of states are repealing parts of their transfer tax, adding more complications to the process of creating an estate plan.

On the state level, there are two estate taxes to be concerned with. These include pick up taxes and stand alone taxes. These differ from state to state, so it is important to consider the laws in your home region before making any decisions.

Any tax changes that are made at a state level could impact your estate plan. For this reason, it is important to not only keep up with these changes, but to also combat them with the appropriate adjustments if the time comes.

There is a lot that goes into the estate planning process, and there is no denying the fact that it can be stressful from start to finish. That being said, the act of avoiding changes could make things worse on you and your family in the future. When changes are made by your state, your estate plan may need to be adjusted as well.

Source: Bloomberg, "Estate Planning More Complicated as States Tinker With Transfer Taxes" No author given, May. 27, 2014

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