PRACTICESTrusts and Estates
Trusts and Estates Litigation
EDUCATIONColumbia University, B.A.
Harvard Law School, L.L.B.
- New York
Client Alert: Tax Planning This Election Year07/22/2020
The Tax Cuts and Jobs Act of 2017 effected a number of tax changes that benefited high-net-worth individuals and businesses. With the upcoming Presidential and other elections this November, which could deliver control of the White House and the Senate to the Democrats, a number of observers have expressed concern that many of the foregoing benefits, as well as benefits that were in effect prior to enactment of the 2017 Tax Act, may be repealed.
For this reason, and because asset values are expected to increase as the recession winds down, there are a number of steps high net worth taxpayers might consider in order to take advantage of these endangered benefits. These steps include triggering income and gain this year, accelerating asset acquisitions and like-kind exchanges, restructuring foreign and domestic business operations, and gift giving. Learn more in this alert.
Our partner Robert Wittes was quoted in the November 15 publication The Street, in an article entitled Estate Tax Planning in the Trump Presidency. Mr. Wittes provided insight as to how he would advise clients in the wake of the new administration's plan to repeal the federal estate tax. Click here to read the article in its entirety.11/15/2016 | The Street