Trusts, Estates and Legacy Planning Updates – Fall 2020

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Impact of the Election on Current Transfer Tax Laws -

The results of the upcoming presidential and congressional elections may impact current transfer tax laws. From a policy and political standpoint, historically the income tax receives considerably more attention than the three transfer taxes (i.e., the estate tax, the gift tax, and the generation-skipping transfer (“GST”) tax), as the income tax affects more people and generates more revenue. However, due to COVID-19 and current budget deficits, it is more likely than ever that all types of federal taxes, including transfer taxes, will be evaluated and potentially legislatively changed in 2021.

Please see full Publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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