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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
Remote Document Execution: Current Rules in New York, New Jersey and Connecticut
For the past month, we have been supervising the execution of our clients’ Wills and related estate planning documents through the use of audio-video technology, allowing for the completion of planning projects while maintaining appropriate social distancing. We conduct these signing conferences through the use of various technological platforms, depending on clients’ preferences or limitations – and all coordinated with clients beforehand. Read more.
May 11 2020
Executive Order 202.14 Allows Audio-Video Witnessing for Execution of Wills, Trusts, Powers of Attorney, Health Care Proxies, and Appointments of Agent for Disposition of Remains
On April 7, 2020, Governor Cuomo issued Executive Order No. 202.14, which allows for audio-video witnessing of Wills, Trusts, Powers of Attorney, Health Care Proxies and Appointments of Agent for Disposition of Remains. Read more.
April 8 2020
SECURE Act Signals Significant Changes for Estate and Retirement Planning
The SECURE Act (which stands for “Setting Every Community Up for Retirement Enhancement”) was enacted at the end of last year and makes several significant changes to the laws governing retirement accounts. The changes will have consequences for both retirement and estate planning. Read more.
February 26 2020