As we navigate through the remainder of 2020, there are many planning opportunities that you should consider.
While the Federal Gift and Estate Tax Exemption levels have varied dramatically over the past two decades, recently the federal estate tax exemption has nearly doubled to $11.58 million per individual. After the upcoming election, this exemption and the availability of valuation discounts may revert back to prior amounts.
Now is a great time to consider gifting assets out of one’s estate and taking advantage of this unprecedented high exemption. As this year closes, we encourage you to evaluate this opportunity among others.
– Adam Rubinfeld, Senior Manager, Anchin, Block & Anchin LLP