Tax & Estate Planning Knowledge Circle: If Your Clients Aren't Doing Estate Planning Now, What Are They Waiting For?

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The coming national election has caused an estate planning frenzy across the country. Clients are rushing to take advantage of the increased estate and gift tax exemption before 2020 ends.

You probably already know that the exemption is currently $11.58 million per person and is scheduled to sunset back to $5 million plus inflation adjustments on December 31, 2025. But, that plan may be thwarted by other legislation.

Democrats have indicated that if they gain control of Congress and the White House in the election, they will pass legislation to reduce the estate tax exemption amount back to $5 million per person, or possibly $3.5 million, immediately. The effective date of that change could be retroactive to January 1, 2021.

Join Marvin Blum to discuss Biden’s tax positions and how to lock in the benefit of the higher exemption before it goes down. It’s a “use it or lose it” situation.

Marvin Blum, CPA

Founder, The Blum Firm, P.C.

MARVIN E. BLUM is an attorney and CPA based in Fort Worth. He is Board Certified in Estate Planning and Probate Law and is a Fellow of the American College of Trust and Estate Counsel.

Mr. Blum founded The Blum Firm, P.C., now in its 40th year. The Blum Firm is one of the premier estate planning firms in the nation, known for creating customized, cutting-edge estate plans for high-net-worth individuals. The firm specializes in estate and tax planning and the related specialties of asset protection, business planning, business succession planning, charitable planning, family legacy planning, fiduciary litigation, and guardianship.

Mr. Blum serves on the Editorial Advisory Committee for Trusts & Estates magazine. He is Treasurer for the Fort Worth Symphony and the Texas Cultural Trust. He is a member of the Boards of Directors of the Multicultural Alliance and B Sharp Youth Music Program.

Mr. Blum earned both his BBA in Accounting (Highest Honors) and his law degree (High Honors) from the University of Texas.