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Last Minute Planning for 2020: Practical and Timely Suggestions



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In light of the Biden election and the continued uncertainty of what tax laws will prevail in 2021, this program will address a wide range of planning concerns to address and act on in the remaining days of 2020. The focus of Steve's webinar will be on what can and should be considered and accomplished before 2020 ends. In this content-packed webinar, Steve will focus on the following themes:

I. For high net worth clients, what can be done to protect against the possible reduction of transfer tax exclusions in 2021? Recommended December actions.

II. For high income clients, what can be done to protect against the possibility of higher income and capital gains tax rates and reduced rates for deductions in 2021? Recommended December actions.

III. For all clients, what would be the best last-minute planning practices in December 2020 in the following areas?

A. Income Tax Planning

  • Accelerate compensation - Hold off expenses
  • Retirement plan contributions and withdrawals
  • To Roth or Not to Roth?
  • Will more S Corporations be favored?
  • Timing gifts to charity
  • Timing payment of state and local taxes
  • Timing realization of gains and losses – “hedges” available

 B. Wealth Transfer & Legacy Planning:

  • Use the lifetime exclusion while we have it
  • Keep basis in mind
  • Consider a defective grantor trust
  • Consider the SLAT as a viable plan
  • Take advantage of discounts
  • Beware of a gift splitting “trap”.
  • Create a “hedge” against gifted property declining in value

 C. Retirement Planning

 

 

         

 

 



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