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May 4th, 2020
Estate Planning Opportunities During the Pandemic
The pandemic’s effect on the economy has led to reduced valuations for many privately-owned and publicly-traded businesses, as well as reduced valuations for real estate and other assets. At the same time, interest rates remain at historically low levels. This unique economic environment can create estate planning opportunities for certain individuals and families. For example, business owners and individuals with assets at currently-reduced values may wish to consider making gifts to children and grandchildren. This is especially so if it is anticipated that those assets will return to (and potentially exceed) their pre-pandemic valuations as economic conditions stabilize. Gifting assets at a currently-reduced valuation could have the effect of removing such assets (and any subsequent appreciation) from an individual’s taxable estate while using a relatively small amount of the individual’s estate and gift tax exemption. This may include the use of Grantor Retained Annuity Trusts (GRATs), an estate planning technique that could be advantageous given the current economic conditions, and would allow an individual to gift assets at a reduced transfer tax cost. In addition, the low interest rate environment may present opportunities to refinance existing intra-family loans or make new intra-family loans, either on their own or as part of more extensive estate planning. If you have questions about how to optimize estate planning in the current economic environment, or any other questions about estate planning, contact Adam Osterweil, Barbara Shiers, Linda Wank, or any other member of the Frankfurt Kurnit Estate Planning & Administration Group.
Other Estate Planning Law Alerts
New York Extends Remote Notarization and Document Execution to January 29, 2021
By Executive Order 202.87 issued December 30, 2020, New York’s remote notarization and document execution procedures are extended through January 29, 2021. Read more.
January 12 2021
New York Implements Substantial Changes to Power of Attorney Law
On December 15, 2020, Governor Cuomo signed into law a long-awaited bill regarding New York’s Power of Attorney form, which will take effect in the summer of 2021. Read more.
January 6 2021
New York Extends Remote Notarization and Document Execution to January 1, 2021
By Executive Order 202.79 issued December 2, 2020, New York’s remote notarization and document execution procedures are extended through January 1, 2021. Read more.
December 16 2020