Now Is the Perfect Time to Create or Update Your Estate Plan

August 14, 2020

Authors: Steven Kriz and Stuart Kohn

Although the COVID-19 pandemic continues to cause uncertainty surrounding the overall economy, asset values, and the markets, it has presented estate planning opportunities as well. In fact, now is a good time to look at your estate plan.

Although there is often a tendency to put off estate planning, as we explain in this article published in Bureau of National Affairs Tax Management Memorandum, there are several reasons why you shouldn’t put off creating or updating your estate planning documents.

For instance, among the various tax planning advantages we discuss in this article, today’s historically low AFRs combined with relatively low asset values, and historically high estate and gift tax exclusions present a unique opportunity to transfer wealth more effectively to the next generations, either by gift, sale, or a combination of the two.

Estate planning probably isn’t something you want to think about, especially during a pandemic, now is a good time to look at your estate planning to see if there are ways you can benefit from various advanced estate planning strategies.

The Trusts and Estates Group at Levenfeld Pearlstein is available to discuss advanced estate planning strategies and other estate planning options with you. Learn more about our practice or contact us here.

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