This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2845.
2020 is grinding to a close with uncertain federal elections pending the Georgia Senate runoff races, and experts warning that a new COVID wave could cause more economic disruption for the United States in the coming months until a vaccine is widely disseminated. Regardless of the outcome of the runoff elections, rising deficits may force federal and state governments to consider additional tax legislation and ultra-high-net worth (‘UHNW’) clients may be well advised to continue to pursue active estate tax minimization planning in the current environment.
While significant attention has been given to guiding clients to use the large temporary exemptions before they may be reduced or otherwise expire, this represents only part of the tax risks present in the current environment.
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