It’s 2024, What Planning Should I Think About Now?

New Year’s is commonly coupled with making New Year’s resolutions. Just as we and our clients might commit to going to the gym regularly, giving up that daily Krispy Kreme donut, clients (and advisers!) should all address a range of planning considerations and make commitments to do so in 2024. Exemptions and other tax amounts were just increased significantly. How should those be used? Clients should revisit old trusts and consider the many ways that might be available to update and improve them (non-judicial modification, decanting, trust protector action, etc.). Many old trusts have inadequate definitions of “descendants” and that might prevent intended heirs from inheriting. How old is the client’s will and other documents? When were those last revisited? Many, perhaps most, entities were created to provide limited liability but have the formalities been adhered to? Should clients consider will contracts or premortem probate? How many clients in second and later marriages are providing their new spouse with bequests beyond what is provided for in their prenuptial or postnuptial agreement? What issues might that create? What about trusts making distributions in 2024 and treating them as 2023 distributions to save income tax? And of course we’ll discuss the Corporate Transparency Act (CTA) which is the new elephant in almost everyone’s room. Join us for a conversation on what practitioners should be discussing with clients in 2024.

Speakers: Martin Shenkman, Esq. and Joy Matak, JD, LLM, Sax LLP Trusts & Estates Practice Leader.

Featured Charity: American Cancer Society

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* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.