January 26, 2021—We’re not even a month into the new year and it feels like we’ve packed in six months’ worth of news and developments. The nail-biter Senate runoff elections in Georgia were followed by horrific events at the U.S. Capitol, a second impeachment of the sitting President, the inauguration of a new president, and the inauguration of an historic vice president. The inaugurations coincided with the one-year anniversary of the first U.S.
January 26, 2021, GEM 31 — With the Biden administration and Democrat-controlled Congress now in place, the lifetime gift exemption—currently at an all-time high—could revert to a drastically lower level sooner rather than later. Therefore, now is the time for gifting assets while the higher exemption is still available.
With big changes in the White House, wealth planning is key.After many recounts and court challenges, Joseph R. Biden Jr. has been inaugurated as President of the United States.For those whose assets are significant enough to have a taxable estate, planning will be even more important now. With the potential for a considerably reduced federal gift tax exemption, now is the time to make significant gifts.