Now that 2020 has passed the half-way point and is careening toward 2021, our clients are asking how to lock in today’s lofty federal gift-tax, estate-tax, and GST exemptions (currently $11.58 million), knowing that those exemptions are already scheduled to shrink to $5 million, adjusted for inflation, in 2026 and that they may well plummet to those or even lower levels as soon as early next year if November’s elections bring regime-change in Washington.
July 14—With today’s historically high gift and estate tax exemptions, and historically low interest rates, the use of personal trusts can be particularly beneficial in this favorable wealth planning environment.
July 7—By drastically increasing the federal estate and gift tax exemption, the 2017 Tax Cuts and Jobs Act created a significant estate tax mitigation opportunity for high-net-worth individuals and families. The question now is: Have already strong estate tax mitigation opportunities become even more powerful in the pandemic? National Director of Wealth Strategies Blair Talty discusses how these strategies have indeed been strengthened during COVID-19.