The result of the 2020 election can’t be known but if the Democrats gain sufficient control in Washington they may enact the estate tax proposals that seem to have become part of the Democratic Party platform. This might take the lines of the estate tax legislation Sanders introduced into the Senate and which Gomez introduced into the house. Most clients, even those of moderate wealth, should be educated about what this might mean and planning they might consider before the election.
Consider what a $1 million (from the current $11.58 million) exemption would do to planning? Physicians and other clients worried about asset protection planning could lose much of the ability to protect assets. A $3.5 million gift exemption could make many of your clients who have been ignoring estate planning subject to harsh estate taxes. A $20,000 cap on total annual gifts could prevent many clients from funding common life insurance trusts. There are lots of practical planning ideas you should be discussing with clients now. This webinar will review the potential changes as well as planning you should be discussing with clients NOW!
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. Over the course of his career, Mr. Shenkman received awards and acknowledgements 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, MBA from the University of Michigan, Law degree from Fordham University School of Law and is admitted to the bar in New York, New Jersey, and Washington D.C.
CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222