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October 2020 » Planning for 2020 by Looking Back...
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Martin M. Shenkman, JD, CPA/PFS, AEP
The year 2012 was monumental for estate and retirement planning. Individuals flooded advisors' offices in the latter part of the year to make gifts to use exemption in anticipation of the gift, estate, and generation-skipping transfer (GST) exemption dropping from $5 million to possibly $1 million in 2013. What became a mad rush of late-year planning holds many lessons for planners trying to help clients in 2020, which promises to surpass 2012. It appears that 2020 will not result in the adverse estate tax changes anticipated, just like 2012. And what might this all mean as we look forward to 2021? As this article goes to press, the election results remain uncertain. But the Democratic sweep that drove much of late 2020 planning did not happen. It also appears that the Republicans may retain control of the Senate. What lessons for 2020 can be learned by looking back at 2012? Which considerations differ, and how can those lessons guide advisors? Those lessons might be vital to a conclusion that the 2020 planning in process should be completed even if a Republican Senate might make it unlikely that estate tax changes will occur in the next few years.
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