Estate Planning in the third quarter of 2020 continues to be shaped by recent events. This Client Alert provides information on three hot topics:
- Estate Tax Changes in Current Law or in Candidate Proposals Would Increase Costs of Transferring Wealth; Early Planning Needed to be Prepared to Act Before YearEnd
- Lowest-Ever Interest Rates Offer Estate and Gift Tax Savings From Intra-family Loans, Installment Sales, Loan Refinancing, and Grantor Retained Annuity Trusts
- Tax Incentives for Charitable Giving in 2020 After the CARES Act
All of our clients who are serious about reducing estate tax exposure should arrange a call to discuss how to best take advantage of the opportunities presented by current conditions of low valuations and lowest-ever interest rates, as well as the currently high estate and gift tax exemptions that will be reduced by the end of 2025 if not sooner.
Our prior 2020 Client Alerts (found here, here, and here) addressed other topics that remain current:
- Health Care Documents and Estate Plans in the face of Coronavirus
- Planning for Retirement Accounts After the SECURE Act of 2019
- The new Illinois Uniform Trust Code and Its Effects on Trust Design
- Planning for Possible Changes in Estate and Gift Tax Exemptions
- Gift and Intra-family Loan Refinancing Opportunities with Low Interest Rates
If any of these topics raises concerns or questions for you, contact one of the Freeborn & Peters attorneys listed below (Email would be best under current conditions, as most of us are working remotely for much of the time as of August 2020).
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