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Georgia Runoff Elections: Anticipated Tax Changes Affecting Estate Planning

GEORGIA RUNOFF ELECTIONS: ANTICIPATED TAX CHANGES AFFECTING ESTATE PLANNING

Cost Free
Presentation Length 1.0 hour

Recorded DateJanuary 14, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The tax world is likely to change (yet again!), and if so, that will have far-reaching economic effects. You and your clients need to be prepared, not later this year, not later this month, but now. Although we cannot know what will be proposed by the Biden administration, we have plenty to consider. And it is likely that the Biden administration tax proposals can be enacted under a Budget Reconciliation Act, which cannot be filibustered. This webinar will discuss what the most likely and most consequential tax proposals are likely to be and how you can help your clients prepare for them now.

Changes relating to estate planning also will likely be adopted, including a reduction in the exemptions (possibly to $5 million or $3.5 million or even less), a limit on the aggregate benefit of the annual exclusion, a modest increase in rates, and perhaps of the greatest consequence, the elimination of the tax-free step-up in basis. We will discuss ways to plan now but with some options to back out of action if it turns out the steps taken were too hasty or incorrect.

Learning Objectives: 


  • Outline some of the major income tax changes, including the potential loss of tax-free exchange for real estate under Section 1031, an increase in corporate tax rates, and more

  • Identify action steps to prepare clients for estate planning

  • Identify the types of changes that might impact you and your clients

  • Determine the best suggestions for your clients

PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
shenkman@shenkmanlaw.com
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP, and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of the National Association of Estate Planners & Councils. CPA Magazine has also named him one of the top 100 most influential practitioners in the United States and one of the top 40 tax advisors to know during a recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. 

Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and estate, gift, and income tax examinations and appeals. He has received more than 200 favorable private letter rulings, including several key rulings of “first impression.” 

He is the author of over 100 articles and columns and is the editor, author, or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years, including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate Planning Institute.

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Jonathan Blattmachr is a Principal in Pioneer’s estate planning advisory group. He brings over 35 years of experience in trusts and estates law. He is a retired member of Milbank Tweed Hadley & McCloy and the Alaska, California, and New York Bars. Jonathan has been recognized as one of the country’s most creative trusts and estates lawyers. He writes and lectures extensively on estate and trust taxation and charitable giving and has authored or co-authored six books and over 500 articles on estate planning topics. He has served as a lecturer-in-law of the Columbia University School of Law and as an Adjunct Professor of Law at New York University Law School in its Masters in Tax Program (LLM). He is a former chairperson of the Trusts & Estates Law Section of the New York State Bar Association and of several committees of the American Bar Association. Jonathan is a Fellow and a former Regent of the American College of Trust and Estate Counsel and past chair of its Estate and Gift Tax Committee. Among professional activities, which are too numerous to list, Jonathan has served as an Advisor on The American Law Institute, Restatement of the Law, Trusts 3rd, and as a Fellow and Director of The New York Bar Foundation and as a Fellow of the American Bar Foundation.

Jonathan graduated from Columbia University School of Law cum laude, where he was recognized as a Harlan Fiske Stone Scholar. He received his A.B. degree from Bucknell University, majoring in mathematics. He served as an officer in the United States Army from 1970 to 1972 and was awarded the Army Commendation Medal.

About Our Presenter

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Shenkman Law is a boutique firm focused on the legal needs of high-net-worth individuals, professionals, close business owners, and real estate owners and developers. They provide creative legal solutions to help clients meet complex or seemingly contradictory personal, business, financial, and tax goals, and pride themselves on treating clients with thoughtful care—just like members of our own families.