Retirement Tax Services Podcast Tax and Estate planning: the default won't cut it with David Haughton
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Sep 1, 2025 David Haughton, Senior Corporate Counsel at Wealth.com, specializes in the intricate dance between estate and tax planning. He discusses the profound implications of the Big Beautiful Bill and warns against the perils of default planning. Haughton emphasizes the necessity of customized strategies for individuals and underlines the critical role technology plays in modern estate planning. He also highlights the urgency brought by recent legislative changes, urging advisors to equip clients with the right tools for proactive estate management.
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Everyone Needs An Estate Plan
- Everyone needs an estate plan regardless of net worth because the default state plan may not match personal wishes.
- Estate planning addresses incapacity, guardianship, and family disputes beyond just taxes.
Plan For Tax Law Changes
- Do plan for estate tax flexibility because laws may change and thresholds can drop rapidly.
- Consider moving assets out of estates or building adaptable plans while exemptions are high.
Think About Who Gets The Money
- Think beyond taxes when designing inheritances; beneficiary circumstances matter for tax outcomes.
- Allocate assets considering heirs' income, location, and behavior to avoid unintended tax or management consequences.