We wanted to share with you that the chair of our New York Tax and Wealth Planning Group at Venable LLP, Ani Hovanessian, was quoted in Sunday's New York Times regarding gifting strategies to embrace before the November election. A link to the article is available below.
As you are probably aware, the outcome of the upcoming election may result in significant changes to current income, estate, and gift tax laws, which includes the possibility that the current combined estate tax and gift tax exemption of $11,580,000 will be reduced by at least half, and potentially reduced even further to $3,500,000 per individual. In a Biden administration with a corresponding Democratic majority in Congress, we may see these changes effective January 1, 2021, which gives us a limited window to prepare and implement a gifting plan that utilizes your exemption before the laws change.
If you are interested in speaking with our Tax & Wealth Planning team regarding whether a gifting plan is right for you, please reach out to us soon, so if you decide to proceed we have time to coordinate the plan with your trusted professionals. Those who wait too long may risk not completing their gifting plan by year end. As Ani stated in the Times' article, "if we fail to plan, we plan to fail."
Should you wish to speak to our New York Tax & Wealth Planning team about this opportunity, please do not hesitate to reach out to any one of us:
Ani Hovanessian at ACHovanessian@Venable.com or +1 212.503.9835
Lawrence Mandelker at LDMandelker@Venable.com or +1 212.503.9817
Laura Belkner at LMBelkner@Venable.com or +1 212.370.6284
Dana Bressman at DMBressman@Venable.com or +1 212.503.0891