Estate Tax Advice Today

Dramatic market declines in a short time have left many investors in financial shock and feeling more financially vulnerable than they have in years. [...]even though planning makes sense for many, CPAs will have to delicately start the conversation. New legislation could bring higher estate tax rates, lower exemptions, loss of step-up in basis on death (or a capital gains tax on death), elimination or reduction in discounts, restriction of grantor retained annuity trusts (GRAT), and more. Consider how, in some jurisdictions, landlords will fare when rents are not paid and property owners cannot even begin foreclosures for nonpayment. [...]this is an opportune time to transfer assets out of any wealthy client's estate. [...]someone can be granted the right to make any modifications necessary to turn off grantor trust status.