Estate Planning and Gifts for High Net Worth clients
10/12/20 – With a change of administration now looking more likely, high net worth clients are considering gifting to take advantage of the $11.3 million federal estate tax exemption. (Oregon’s state estate tax exemption is $1 million and Washington is $2,193,000). Under IRS rules, there will be no “clawback” of larger gifts if the exemption is later reduced. The large Federal exemption sunsets on 12/31/2025 and a new Congress could accelerate the sunset. Also on the table is elimination of the “step up” in basis at death which allows untaxed appreciation to go to the next generation.
What will actually get through Congress remains to be seen, but owners of businesses and real estate should consider making such gifts if they have enough other assets for their retirement.
Baby Boomers Are Now Selling Their Businesses
9/21/20 – Baby boomers are now selling their businesses. First it was the great recession of 2008 that depressed the value of business, then 10 years of economic growth and now the pandemic and wildfires in the West. Many baby boomers are now ready (choose one) to 1) throw in the towel and retire; 2) transition their business to children or key employees or 3) monetize their hard work of many years and sell to a larger company or a private equity firm. Any of the above requires advance planning with your business attorney, CPA and financial advisor. Don’t put it off any longer!
Rob Le Chevallier
Rob Le Chevallier practices business law, business formation, estate planning, trust administration, real estate law, and corporate financing at Buckley Law P.C. He particularly focuses on the estate planning needs of business owners and other high net-worth individuals and their families. He is an attorney and shareholder at Buckley Law and is licensed in Oregon and Washington.
The information contained in this article is for informational purposes only and does not constitute legal advice. This information is not intended to create an attorney-client relationship, and the receipt or viewing of it does not create or constitute an attorney-client relationship. You should not act upon any information contained in this article without consulting an attorney for individual advice regarding your own situation.