The saying “chaos creates opportunity” applies to the estate planning world now more than ever.
With the upcoming election, it is vital to have the correct estate plan that will not only preserve but also grow your financial assets and continue building generational growth. Senator Sanders introduced the “for the 99.8 Percent Act” in the Senate. Under the new bill the gift and estate tax exclusions would be reduced from their current $11.58 million level to $1 million for Gift tax and $3.5 million estate tax, respectively.
While there is uncertainty as to what the 2020 election may bring, timing is of the essence. So, resolve to get inaction sooner, rather than later. The current estate tax and gift tax exemption is $11.58 million per individual. This means that an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple can shield $23.16 million. These numbers provide advantageous planning opportunities for high net worth clients. Let us guide you (or your client) in implementing a plan that is best for you and your family.