This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2842.
At this point in 2020, all we know for sure is that nothing is certain. Practitioners would do well to forewarn clients how these uncertainties might create more chaos for them, their finances and their estate plans. Even after the results of the runoff races in Georgia are known what, if any, tax legislation might be enacted and the possible effective dates of such legislation, will remain an uncertainty. It’s advisable to caution clients that all the tax planning efforts may be for naught and could even leave them in a position that is less favorable, depending on political developments and future legislation, than had they done nothing. Nonetheless, planning that incorporates asset protection benefits, succession planning, etc. may be worthwhile regardless of uncertainty tax changes.
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