2021 Income and Estate Tax Planning Steps to Recommend to Clients – In Depth

We’ve now had some time to reflect on the results of the GA runoff election and see the Biden Administration begin. This program is an in depth 2.5 hour discussion of income and estate tax planning practitioners should consider recommending to clients now. This program will review and expand considerably on a one hour program presented immediately after the election results were known. There will be more in depth discussion of the topics covered, and more details on current planning. The tax world is likely to change (yet again!) and if so, that will have far reaching economic effects. You and your clients need be prepared…not later this year, not later this month, but immediately. Although we cannot know what will be proposed by the Biden Administration, we have plenty to consider. And it is likely that Biden administration tax proposals can be enacted under a Budget Reconciliation Act, which cannot be filibustered. This webinar will discuss what the most likely and most consequential tax proposals are likely to be, and how you can help your clients prepare for them now.

The webinar will cover some major income tax changes from the potential loss of tax free exchanges for real estate under Section 1031, the taxation of capital gain at ordinary income tax rates (if total income is above $1 million for the year), decrease of benefits of qualified opportunity zones, increase in corporate tax rates, a modest rise in individual rates, potential restoration of full deduction for and local taxes, but limiting the benefit of any and all deduction to a rate of nor more than 28%, and more.

Changes relating to estate planning likely also will be adopted, including a reduction in the exemptions (possibly to $5 million or $3.5 million or even less), a limit on the aggregate benefit of the annual exclusion, a modest increase in rates, and perhaps of greatest consequence the elimination of the tax free step up in basis.

Speakers: Martin M. Shenkman, Esq., Robert S. Keebler, CPA and Jonathan G. Blattmachr, Esq.