Recently, the COVID-19 pandemic has caused massive uncertainty in the market between the shifts in the stock market and potential legislative changes. However, while so much is uncertain, for those subject to federal and/or state estate tax, the current market conditions provide an excellent estate planning opportunity. While assets are (hopefully) temporarily depressed in value, more value can be transferred out of the estate with an increased likelihood of appreciation being passed to beneficiaries.
Below are some estate and gift planning ideas to help you through this uncertain time.
Talk to your Baker Tilly advisor for more information and personalized advice regarding implementing these estate and gift planning tactics.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.