Publications
Year-End Tax Planning Considerations for Families with Property Interests in the US
The end of the year presents a strategic opportunity for family enterprise advisors to guide their clients in reviewing their wealth and estate planning strategies.
This is the perfect time for clients to reflect on their financial objectives and align them with their current and future financial commitments. Whether their interests lie in philanthropy, planning for generational business transitions, or navigating surplus wealth goals, effective year-end planning can help optimize their financial outlook.
The Coming Storm
Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .
For The 99.5 Percent Act - What It Is, What It Does And What To Do About It.
On March 25, 2021, Senator Bernie Sanders (I-VT) and Senator Sheldon Whitehouse (D-RI) introduced the “FOR THE 99.5 PERCENT ACT” which will dramatically and historically change estate planning by reducing the federal estate and gift tax credits, increasing estate, gift, and GST tax rates and including assets in certain trusts that are not now includible in estates. The changes would be effective for decedents dying and gifts made on or after December 31, 2021. Planning: This is a “use-it-or-lose-it-now” provision which means that your $11,700,000 exemption can be passed either by dying or by making gifts. Transfers must take place before the effective date of these changes. The following is a summary of the changes