Why should I engage in planning now? Nothing is going to change, and the exemption is so high!

Practitioners are quite aware that in 2026 the Federal estate and gift, estate and GST tax exemptions will be reduced by half. Clients might also be aware but have likely not focused on the issue. Many who should address estate tax planning now may put it off, and ask: “Why should I engage in planning now? Nothing is going to change, and the exemption is so high!”

This program will discuss practical points practitioners might raise with their clients on why proactive planning, rather than waiting until changes are imminent, can be beneficial.  It’s almost always the right time to protect assets using asset protection strategies. Deferral of such planning could imperil assets to a claimant who arises before the planning is done. Certain income tax strategies might offer basis step up opportunities and/or state income tax savings which might be realized as soon as planning is implemented. Planning early could improve a client’s arguments to deflect challenges based on application of the Step-Transaction or the Reciprocal Trust Doctrines. Deferral of estate tax planning may raise additional costs and complications. When a client has to set up a plan for something they must do (e.g., buying life insurance), practitioners might consider using that opportunity to set the foundation for more robust tax planning.

Speakers: Martin Shenkman, Esq. and Joy Matak, JD, LLM of Sax, LLP

Featured Charity: American Cancer Society.

Email us your questions or ideas in advance and we’ll include them in our discussion

*This may constitute attorney advertising.

* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.

Thursday September 21, 2023 | 4:00-5:00pm EST



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