As the this extraordinary year winds down, we all start thinking about 2021 year end planning. In the tax and estate planning world, that might mean quite a lot of potential concerns.

Many news sources have inundated you with information about possible changes in estate tax law, income taxation and other new developments. Some commentators add a sense of urgency. If you don't do something right away, you might lose important opportunities!

In this podcast episode, we discuss the importance of planning. But, for the vast majority of Americans, changes being discussed in Congress will not mean they need to rush to modify estate plans. Except for the wealthiest individuals, few of the proposed changes are likely to require immediate action. And remember: there is no state estate tax in Arizona.

Yes, potential changes in federal law might mean you need to revisit your estate plan. But for most clients, that reconsideration will work just fine after the first of the year. You might want to check in with us (or your own estate planning attorney, if you have a relationship established), but we might tell you to wait until we know just what's happening before rushing to make changes.

So let us help you assess whether you need to make 2021 year end planning decisions. But if you do need to make plans, please don't wait until the very end of the year.