As a result of a new tax law, a study has shown that six out of ten wealthy adults anticipate updating their financial plans. Now that the gifting an estate exemption is up to approximately $11 million per person, this represents double the old law and entrepreneurs may even be considering grabbing a 20% deduction against qualified business income. The American Institute of Certified Public Accountants recently completed a study that showed that 63% of wealthy individuals were likely to update their strategies. 

Those individuals were people who had at least $250,000 in investible assets or more than $200,000 in household income. This could lead to a decade’s long planning process and should always be reviewed by an experienced estate planning attorney. Entrepreneurs who use pass through entities may be able to qualify for a 20% deduction against qualified business income, but this is only applicable to people who have a maximum of $315,000 in taxable income for those married and filing jointly or $157,500 if you are single.

In any case, setting aside time to talk with an experienced estate planning lawyer is strongly recommended to give you a better overview of what’s involved and how your individual case can be considered carefully.