In a recent blog, I discussed the 2015 Federal and Tennessee Estate Taxes. A common follow-up question to that discussion sounds something like, "My assets are nowhere near $5,000,000.00 so why do I need any help with planning my estate?"
The answer is two-fold:
1) Tax laws are not written in stone!
Our laws change constantly and our government is always in flux. I am thankful that we live in a country where we are represented by the people of our choosing, but that means that "the people of our choosing" change every year. We do not know who will be in power or what agendas will become important in the future. We can only live in 2015. That being said, it is not difficult to see how tax laws affecting Tennesseans could change. It could suddenly become the law that all estates are subject to taxes (thankfully, this is not the current trend).
2) Estate Planning is much more than just taxes.
Estate planning is more than tax law. In fact, I would say that with the majority of our clients, other topics are of greater concern. For example, making sure the correct people have control over assets or determining who will be the decision-maker are more important than estate taxes to many people. Also, privacy or creating a process that will be simple for loved ones are both common goals. There are many reasons that an estate planning attorney can be helpful, whether taxes are of concern or not. Just about everyone can benefit from some estate planning.