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Don't have an estate plan? Use your tax refund to invest in one!
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New Tax Law Means Estate Plan Changes

Yet another Tax Day has come and passed, and now with your refund (hopefully) in hand, it's time to turn your attention to understanding the current tax laws. The revised tax laws not only affected your 2018 taxes (as you probably noticed), but it also could majorly affect your estate plan.

One of the most significant changes under the current tax laws are the estate-related exemption amounts. The estate tax exemption—or estate tax exclusion as it’s sometimes referred to—is the figure subtracted from an estate’s gross value for the purpose of calculating federal taxes. This means each individual should be able to shelter more than $11 million before any estate, gift, or generation-skipping taxes apply.

Most folks will likely find their old wills and trusts are using strategies tied to the previous, lower exemption figure of about $5.5 million per person. If your current estate plan is left unrevised, it could actually mean you're missing out on certain opportunities for strategic wealth distribution.


Currently, the revised tax laws are set to sunset in 2025. But, luckily, there will be no “clawback” allowed. This means that gifts and transfers made up until then will not be later subjected to taxes if the rate is lowered. So, to take advantage of the current tax framework through estate planning, time is of the essence. Where to start?

  • Get a plan in place! Don't have an estate plan? Use your tax refund to put one in place! Invest in plan packed with benefits and time/cost-saving measures for you and your family. Start with my estate plan questionnaire
  • Research the best charitable giving strategies with your estate planner and professional advisors. A great place to start is with GFLF's latest article in The Iowa Lawyer. For the charitable-minded individual, the higher exemption amount represents an opportunity for increased philanthropy. There are different approaches to gift-giving that could be particularly fitting with the tax changes. Or, maybe you simply want to update your charitable bequest quantities and amounts.
  • A quality estate planner should also help you understand the interplay and differences with state laws pertaining to things like inheritance and estate taxes.

As always, I appreciate you as a reader and invite you to share this monthly newsletter with someone else who may enjoy it!

“It is what you read when you don’t have to that determines what you will be when you can’t help it.”
– Oscar Wilde

GoFisch Blog Must Reads

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Did you know that April is National Volunteer Month? Celebrate and make an impact at the same time by donating your time, energy, and skills to the causes you care most about.
Estate Planning Considerations for Same-Sex Couples
This year marks a decade since the Iowa Supreme Court decision of Varnum v. Brien. LGBTQIA married couples may need to consider certain estate planning situations
Your life is busy. Don't make estate planning harder than it has to be!
A good estate planer make certain your estate plan is specified to your unique needs and goals. A great estate planner will also meet you where you're at...literally! I make house calls all across the state of Iowa. Let's get your appointment scheduled;
contact me today.
Check out this short video on how to make a donation from your IRA using a Qualified Charitable Distribution (QCD), to support your favorite charity, while also receiving tax benefits. (Note: I'm not at all advertising for Ameriprise!) To learn more check out this blog post

Stay in the know:
nonprofit & philanthropy news

Google to give away $1 million to Iowa nonprofits
Google to give away $1 million to Iowa nonprofits
$5 million gift for Drake Women's Basketball
$5 million gift for Drake Women's Basketball
-Des Moines Register
Englert, FilmScene embark on fundraising campaign
Englert, FilmScene embark on $6.5 million fundraising campaign
-The Gazette
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