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.
With the runoff election in Georgia now complete, the state of the Senate is now clear. The Democratic party has control of both chambers of Congress with a slim margin, with Vice President Harris as the tie breaker. Although still not the “blue wave” as previously projected, the potential impact of a Democratic Congress under a Biden administration will likely be significant in terms of tax legislation. Therefore, it is more important than ever to revisit your planning especially since tax legislation may be retroactive. For those who took a “wait and see” approach at year end, the time to evaluate and put a plan in place is now.
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