Tax Update 2021

Date: Wednesday, June 16, 2021
Time: 8:30am - 10:00am
Location: Zoom
Speaker: Neil Katz, Esq.

The new democratic administration has been busy and, as anticipated, there are multiple new tax-related proposals that will greatly affect Estate Planning. Neil Katz will be joining our meeting to discuss these proposals and to provide information on these changes will affect our clients. While it is impossible to predict exactly what changes will be approved, we need to be prepared to advise our clients, especially since the effective date of many of the proposals is crucial. Although some changes may not go into effect until 2022, such as the reduction in the estate and gift tax exemptions, others will likely go into effect upon enactment and some may even be effective retroactively. Recent plans put forth by well-placed Democratic Senators include a significant reduction in the transfer tax exemptions, a decoupling of the estate and gift tax exemptions, increased estate tax rates, an elimination of step up in basis, and a limit on GST planning.  In addition, the effectiveness of traditional estate planning techniques is likely to be significantly modified, and valuation discounts that have created a great deal of leverage in estate planning are going to be limited. Estate planning practice as we have known it for years is going to change.  Neil will discuss what we should all be doing in anticipation of these changes in order to best advise our clients.

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