2024 Uncertainty Highlights Need for Estate Plan Flexibility

It's important to make your purpose clear in your estate planning and also include some flexibility that still limits any changes that defy your wishes.

A woman and an older couple look at paperwork together at a table.
(Image credit: Getty Images)

There is something special about starting a new year. Resolutions are made and goals are set, anticipating that the end of the year will reflect progress toward improvement in many important aspects of your life. Being more proactive in your retirement planning and creating, or updating, your estate plan is always a wise goal.

No one can be certain what changes Congress will make in tax law or decisions about spending, particularly in an election year, and how their actions affect the national economy. Nor will there be absolute economic certainty as the Federal Reserve Board considers interest rate changes in response to inflation and other factors. These are not reasons to postpone, or avoid, planning your legacy. But these may be reasons to consider including flexibility in your estate plan.

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James J. Ferraro, JD
Vice President/Legal Counsel, Argent Trust Company

James Ferraro is a vice president and trust counsel in the Shreveport, La., and Kansas City, Mo., offices of Argent Trust Company. Ferraro is a 2003 graduate of the University of Missouri at Kansas City School of Law, past president of the family and the law section of the Kansas City Metropolitan Bar Association, is a member of the Tax and Estate Planning Council of Shreveport and a Regional Ambassador for the Kansas City Estate Planning Symposium.