Post Election Tax Planning
Americans went to the polls back on November third. Not all the results have been finalized, but if you're doing end-of-year tax planning for 2020, and beyond, you may have new tax implications to consider, including estate taxes.
Bottom line: higher net worth individuals could be in for a bumpy ride.
That's why california estate planning attorney Ben Sowards says you need to act right now, and take advantage of current tax benefits before they disappear...
The current estate tax exemption is just over 11 million dollars. That's roughly double what it was in 2010.
But the 11-million dollar exemption, is scheduled to sunset in 2025. and revert to five million.
If the senate changes party hands along with the oval office, the exemption could be lowered to 3.5 million dollars. we may also see higher estate and gift tax rates.
Election outcomes are only part of the story- the amount of money the government has had to pour into our covid-desimiated economy, nearly ensures tax increases.
All of this adds up to one certainty. high net worth folks should consider making substantial gifts *before the end of the year, either outright or in a trust.
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There are a lot of effective options, so if you are looking for the best way to benefit your children and other family members, call Ben Sowards or visit sowardslawfirm.com.