Estate Planning Year End

2020 End of Year Planning

Halloween is over. But what is really spooky? There are only 59 days to 2020. That leaves 59 days to complete your 2020 New Year’s Resolutions, implement certain tax planning strategies, and consider the impact the election may have on your estate plans. To some, this may seem like a lot of time. To others, this may be stressful news. Either way, the clock is quickly counting down and there’s much left to be done in 2020.

If your 2020 New Year’s Resolutions included addressing your estate, financial, charitable, insurance and/or retirement planning, there’s still time. If you purchased a personal or business legal plan for 2020 that includes estate planning, do not forget to utilize this plan. You must have at least an initial consultation and sign an engagement letter to obtain the benefits purchased. Call or email us at Kierman Law to schedule an estate planning meeting and stay on track for fulfilling your 2020 goals for your own peace of mind.

If you are still deciding on the best course of action regarding annual exclusion gifts, tax credits, tax deductions, and other tax elections, we can help. We work with accountants and financial advisors to create thoughtful tax planning strategies. Notably, you can gift $15,000 per person tax free this year ($30,000 per couple).

If you are concerned about the impact of the election on your estate and gifting limits, you may be correct. Politics aside, the parties have widely varying views on estate and gift taxes. The current estate tax exemption is $11.58M per person (double for a married couple) and will be under review if the Democrats take control of the Senate and/or the White House. Importantly, there are concerns that a Biden tax plan will be retroactive as of January 1, 2021. If your estate is valued at between $5 and $10M (double for a married couple), you may want to consider making some strategic moves yet this year. More information will be forthcoming. 

We are here to help and hope to hear from you soon. 

Need help? Please give us a call today to discuss how we can help you and your business be prepared. Contact Allison Kierman at 480.719.7333 or send us a message.

This article is provided for informational purposes only. By viewing blog posts, the reader understands there is no attorney-client relationship between the reader and Kierman Law, PLC. The article should not be used as a substitute for legal advice or engagement with a licensed professional attorney. Readers are urged to reach out to us directly regarding specific legal questions concerning a specific situation.