Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate taxes.
Fortunately, under the Tax Cuts and Jobs Act (TCJA), estate tax issues are less of a concern. The exemption amounts have been temporarily raised, so you’re less likely to be hit with the federal estate tax. But you may need to update your existing estate plan to take advantage of the favorable changes. Read more