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VIRTUAL ESTATE PLANNING SOLUTIONS

VIRTUAL ESTATE PLANNING SOLUTIONS

Uncertainties have created lower values not only in the stock market, but these same uncertainties could also affect the valuations of private companies. This has created a potential opportunity for individuals that were planning on gifting shares of publicly or privately held stock. An individual may gift the same overall value as planned, but more shares of a company can be transferred today than what may have been possible months ago or in the future. Couple that with the increased estate/lifetime gifting exemption through the year 2025 and there are opportunities available during these hectic times. For 2020, the exemption amount is $11,580,000, effectively allowing a taxpayer to transfer wealth to the next generation of up to that amount tax free. As it currently stands after 2025 the exemption amount would revert to pre-Tax Cuts and Jobs Act limits, about half of the current amount.

In a time where we still aren’t sure how safe it is to leave our homes, face to face meetings won’t be a viable option for the near future, but there are still important financial decisions to consider for your family and your business. Our estate planning team has the resources to help you make these decisions during this time of uncertainty through virtual meetings. We have a variety of technologies available to schedule a virtual meeting to discuss your specific estate planning strategy with all of your advisors and even offer virtual notarization.

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