The Tax Bill: Does it Legislate Family Priorities?
The current tax bill promises sweeping changes that will affect millions of Americans. The popular media is ablaze with stories promising fear, uncertainty and doubt, while social media seems to create stories of hardship or unfair burden on certain tax brackets. In terms of estate planning, if we break down some of the key components, we are struck with this singular thought:
“Does the Tax Bill Legislate your family priorities and responsibilities?”
When is a good time to plan your family’s legacy? Is it only during times of plenty, when the tax rate is low? Or is it anytime – in bull markets or bear markets? We know this is a rhetorical question – the time to create a legacy plan is now, gathering your priorities, setting objectives, laying out a “plan by design” and beginning the healing and positive conversations that will bring the family together – not tear them apart.
Unfortunately, we often hear story after store where the hard-earned wealth of a family is gone by the third generation. In some famous families that had unbelievable wealth, like the Vanderbilts, the complete family wealth was gone within 50 years. This doesn’t have to be your family’s story!
Every family is unique and most have estates dramatically less than the Vanderbilt family. However, it cannot be stressed enough that:
A Legacy Plan By Design is Better than a Legacy Plan By Default
So how should we think about this Tax Bill of 2017?
- Legacy Planning is NOT Estate Planning – this is about more than just taxes and structures – this is about healthy relationships
- It is critical to intentionally plan for causes and people that you love
- Pratt Legacy Advisors and many quality advisors across the country can help you create a Legacy Plan by Design
Taxes are part of our daily lives, but they do not need to define how we leave a legacy of love for our family and for generations to come. Join with me and make an investment in the future – create a Legacy Plan from the Heart ™ !
In our January Workshop, we will be specifically talking about the impact of the Tax Bill on estates and families. But we will start with the most important topic first – building Intentional Family Legacies and living a life of generosity. We will spend less time on the Tax Code, even though it will be covered! So feel free to bring your questions!
If you are interested in relevant reading material, Alan’s book “unPrepared” is a good starting point.
“When the family gets unstuck, the family WILL flourish. This book project was one of the small ways I can give back to ensure the next generation and generations to come will thrive in the future and continue to build a lasting legacy.” Alan Pratt
The book can be found at the Center for Family Conversations.
To learn more about Legacy Planning and preparing your family to successfully manage their futures, contact Pratt Legacy Advisors to set up an appointment.