The Silver Lining in the Estate Tax Mess
While uncertainty will continue, this should not come as a surprise. After all, Heraclitus, a Greek philosopher (c. 535 BC – 475 BC) is known for his doctrine of change being central to the universe. The only thing constant is change.
When searching the internet for insight on how to deal with uncertainty, I discovered the following suggestions:
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If you’re able, try embracing uncertainty. Maybe think back to the thrill of discovering new things when you were younger – uncertainty then just meant something new and exciting to discover.
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Embrace uncertainty as an opportunity for new and exciting adventures. Life is full of experiences. Uncertainty allows you to experience more of life than you would without uncertainty.
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The best practice to follow so that you can avoid uncertainty is never leaving today’s decisions or work for tomorrow. Make careful decisions as every decision you take will have a tremendous impact on your life and your future.
So as we look for a silver lining in the dark cloud of continued uncertainty, realize that all of the publicity over the uncertain status of the estate tax will create tremendous public awareness of the need to review current estate plans. It also provides an excellent opportunity to use the dramatic events that have taken place under EGTRRA since 2002 – and in particular the estate tax repeal in 2010 and Sunset in 2011 – as real life examples of why a more proactive ongoing estate planning process is needed to ensure that the planning implemented yesterday or started today will work when needed.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.