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Happy Couple

If you need assistance with tax planning for estates and trusts, or you would like to review or update what you have in place due to recent changes in tax laws, Finnell Legal can help.


Determining the correct strategy in estate planning is important, but you may be unfamiliar with your options. Or, you might think recent tax reform means you can ignore the tax implications of estate planning if your net worth is less than $11 million - but you couldn’t be more wrong. Even if you aren’t among the ultra-rich, it is important you properly prepare your estate and take advantage of every tax benefit available to you, including understanding how the Basis Step-Up works to protect your assets. 


The Basis Step-Up applies to all capital assets that are passed to beneficiaries and is available to all individuals regardless of net worth. You can read more about this tax benefit in our article “Why Tax Planning is Important for Estates of All Sizes: Section 1014 and the Basis Step-Up at Death”.  


Sometimes a simple will executed years ago is not enough to avoid a complicated and messy probate process after your death. It is important to speak to a knowledgeable representative that will take the time to understand your assets, your family, and, most importantly, your estate planning goals. Family situations change over the years and your plan should be updated from time to time to ensure it accomplishes your goals. You will also want to ensure that you keep your health care directives and powers of attorney in order so that your wishes are carried out if you become incapacitated. 


The loss of a loved one is a traumatic, live-changing event, and you want to be sure those you leave behind will be taken care of, and that your assets are properly protected while you are alive. Don’t wait until its too late to get your affairs in order. Call Finnell Legal today to get expert help with your estate planning.

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