Like often occurs with controversial political topics, everyone is an expert overnight. As Estate & Elder Law attorneys, we subscribe to and regularly follow some of the biggest names and organizations in the legal field, staying up to date with competitors and industry conversations. This allows us to be an expert in our filed, having practiced estate planning and elder law for over 30 years.
In reading these articles and listening to the conversations, it’s too bad that so many of the opinions and insights have such an obvious political bend, that’s out of alignment and often self-serving. Being able to separate the wheat from the chaff from a legal and financial perspective gives our firm the unique ability to best plan for our client’s futures when politics and laws change. The result of such volatility is that clients often get overwhelmed, worried and forced into decisions that may not benefit them in the long-run. This often looks like jumping out of the stock market after a downturn and sitting on the sidelines when it’s making its next record setting recovery. Sound familiar?
The truth is, at this point and time nobody really knows what will happen to our estate and transfer tax system, which greatly impacts estate and long-term care planning. Furthermore, nobody knows what will happen over the next few years during this administration or the following.
If you have an estate plan or are considering one, the best plan you can have is to ensure that your planning is versatile and leaves room for adjustments in our ever-changing world. Most contemporary trusts and estate plans are broken into two major categories, revocable and irrevocable.
The majority of revocable trusts can be changed by the settlor/trustee, typically the person who makes the trust, as long as they are physically and mentally able. When a settlor is no longer able to perform their duties, by incompetence or death, revocable trusts usually become irrevocable. To retain flexibility with an irrevocable trust, the most important strategy is including Trust Protector provisions. Trust Protector provisions, when properly included in a revocable or irrevocable trust, permit another individual or third-party, like an estate planning attorney to make timely adjustments to your trust to accommodate changes in the law, even if it is or has become irrevocable.
In today’s changing political and economic environment, including Trust Protector provisions can protect individuals and families from all the uncertainty, especially with future overhauls to our tax code and any other legislation. If you’re considering making changes to an existing trust or interesting in hearing about the benefits of establishing a trust, give us a call today at (913) 491-6332, visit our website berger-lawfirm.com or stop by our conveniently located offices at 11233 Nall, Suite 140 Leawood, KS 66211 for more information. Berger Estate & Elder Law P.A. has been delivering solutions throughout Kansas City for over 30 years providing Trusted Counsel with Proactive Solutions for many.