With a declaration made, there is still some uncertainty regarding the election, so planning is key.Joseph R. Biden Jr. has been declared by major news outlets as president-elect of the United States while the country awaits results of recounts, court challenges, and key congressional races.With the potential for a significantly reduced federal gift tax exemption, now is the time to make significant gifts.
The election came and went on November 3, 2020, and here we are still in a state of uncertainty about who will serve the next term as the President of the United States. The composition of the Senate is also in question which may impact the ability of any legislative action. As we wait for clarity, it’s important to stick to your tried and true year-end wealth planning efforts with an eye toward the possible election results.
September 22, 2020, GEM 21 — When contemplating your estate plan, you may wonder whether you should have a revocable trust, also known as a living trust, in addition to your will. The answer may depend on your net worth and the nature of your assets. Generally, the more assets you have, and the more complicated they are, the more you may benefit from a revocable trust.