Income Change
Understand the impact of income changes on your estate planning and secure your financial legacy with SimplyTrust's expert insights.
How do income changes affect my estate planning strategy?
Income changes can influence your estate planning strategy by altering your asset distribution and tax implications. If your income increases, you may consider expanding your estate plans to include new assets or more sophisticated tax planning, like gifting strategies or charitable donations, which may help offset increased tax liabilities. Conversely, if your income decreases, you might need to reassess your estate plan to ensure it still meets your financial goals and provisions for beneficiaries. Regularly reviewing and adjusting your estate plan can help accommodate these changes and ensure it remains aligned with your financial situation and legacy intentions.
