Some clues shouls be available by November, when we will kn ow whether we have a president and congressional majorities of the same party or if the White House and one or more branches of Congress represent different parties. In the latter case, we can probably expect more deadlock and little hope of quick action.
Shifting income or gifting assets to younger family members is one simple way to avoid higher future estate taxes. Even though the appr0ach itself may seem relatively simple and straighforward, however, you can’t be rushed into making decisions about multimillion dollar gifts. Planning will naturally need to involve conversations between spouses and with attorneys or other advisors. It may include some tough decisions about how to apportion gifts among family members or how to use a trust to encourage or discourage certain decisions or behaviors. You should not take on this kind of planning at the last minute.
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