If you want to ensure that your wealth and assets are allocated to the right people after your death or in the event you become incapacitated, estate planning is the appropriate strategy. Estate planning ensures that your assets, health care decisions, pets, personal items and more go to the right people after your death.
Hiring the services of a knowledgeable professional to help carry out your estate planning can help you save money and protect your wealth. CERTIFIED FINANCIAL PLANNER™ professionals can help you carry out your estate planning and determine which tax deductions you are eligible to receive.
Is estate planning tax deductible?
- In previous years, estate planning was tax deductible — Certain estate planning costs used to be tax deductible, like legal fees and expenses. These deductions would apply in instances where they were subject to collecting or producing income.
- As of right now, estate planning is not tax deductible — After the Tax Cuts and Jobs Act was passed, these legal fees and expenses are not tax deductible according to the IRS. Using tax deductions for estate planning used to be a means of saving money when transferring wealth. Now, those who hope to save money while transferring their wealth must use other methods to do so.
Talk to a ProVise CFP® professional about your estate planning and eligible tax deductions
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid. Our team can help you carry out your estate planning and determine which tax deductions you are eligible for.
Are you ready to talk to a professional about estate planning for after you pass away? Contact ProVise today to schedule a complimentary consultation.