Clients with less net worth than the current estate and gift tax exemptions have often not pursued estate planning thinking that planning does not apply to them. That could be a significant mistake. Asset protection, income tax benefits, succession, and other benefits remain. But of great concern is that if there is a Democratic victory in 2020 the Democratic proposals of a $1M gift exemption, $3.5M estate tax exemption, and restrictions on GRATs, discounts, GST planning and more, those clients will have missed out. What type of planning is suitable for clients in the $2-$22M net worth range? How can you use exemption, safeguard assets, permit access and accomplish planning goals for these clients? The presentation will explore the use of SLATs, DAPTs, hybrid DAPTs, SPATs, and variations.
Explain the many changes to the estate and related tax laws that the Democrats have proposed and why this is important for practitioners to address with clients in advance of the election.
Discuss many planning options to take advantage of the current pre-2020 election tax environment and how those plans might differ from prior planning.