This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2840.
Practitioners may still wish to encourage clients to consider estate and asset protection planning aggressively before the end of 2020. While we can now expect a changing of the guard at the White House and retention by the Democrats of the House of Representatives, control of the Senate is still unclear, with two seats heading to a runoff in Georgia.
Some commentators appear to believe that, regardless of which party winds up controlling the Senate, at least some adverse change in the nation’s tax laws may be enacted as early as the beginning of next year. It is possible for tax changes to be made retroactively effective to January 1, 2021 if the Democrats win both seats in the Georgia runoff elections. ii The level of Federal deficits caused by the COVID 19 pandemic may mean increases in taxes for many regardless of which party wins next month.
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