McManus & Associates Founding Principal John O. McManus recently held a conference call with clients to provide timely information on how the new Biden administration may impact estate planning. During the call, McManus highlighted opportunities and offered guidance on how to respond to these possible changes. Listen to the recording and find a list of topics that were covered below.
1. Utilize your lifetime exemptions – Use it or lose it: these exemptions are set to sunset after 2025 or sooner by legislative action (possibly retroactive to January 1, 2021).
2. Lock in now the lower Estate and Gift transfer tax rates.
3. Sell appreciated assets prior to the potential increase in Capital Gains tax rates.
4. Avoid the potential future limitations on Grantor retained Annuity Trusts.
5. Sell appreciated assets to a defective Grantor Trust using the current low federal interest rate.
6. Make intra-family loans to take advantage of today’s low interest rate environment.
7. Create a Charitable Lead Annuity Trust if you are charity minded.
8. Take advantage of valuation discounting before it is eliminated.
9. Take advantage of Spousal Access Trusts so that you can continue to have access to the transferred funds.
10.Review your year-end philanthropic planning especially for gifting low basis stock.
Don’t miss these opportunities to protect your assets and build wealth. Contact McManus & Associates now to review your Estate Plan and ensure it reflects your current personal and financial goals: 908-898-0100.
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