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.
November 3, 2020, GEM 25 — A common mistake some people make is once they create a trust, they forget about it. They don’t see that ongoing evaluation of the trust and its tax basis can potentially yield income tax benefits down the road. Director of Income Tax Planning Tom Kelley discusses how you can potentially reduce your income tax liability by proactively managing the assets in your family’s trusts.