Wills, Trusts & Estates: Plain and Simple – Estate Planning: Is Now the Time to Use It or Lose It?

Farrell Fritz, P.C.
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The November election is right around the corner, and we could be looking at lower gift and estate tax exemptions and higher gift and estate tax rates. In addition, various estate planning techniques currently in use (for example, Grantor Retained Annuity Trusts (“GRATs”), discounts applied to fractional interests in property transferred to beneficiaries) may be limited, or entirely prohibited under future legislation. Now could very well be the time to use it or lose it.

Originally published in Lloyd Harbor Life - October 2020.

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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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