Business Attorney Liz Stamoulis and Estate Planning Attorney Rose-Ann Frano will join a panel hosted by BMO to discuss strategies to begin, and continue, meaningful conversations regarding estate planning for the future with your spouse and those most impacted by your decisions. The panel will consider how to foster compassionate dialog and strengthening lines of communication on even the most difficult of subjects. Additionally, the fundamental estate planning documents will be reviewed and discussed. Join us to learn how to begin those difficult conversations.
The Tax Cuts and Jobs Act, with a clear emphasis on job creation, introduced major tax changes for businesses. However, it also included a doubling of the exemption amount for federal estate, gift, and generation-skipping transfer tax purposes. With the increased exemption expected to sunset on December 31, 2025, or earlier, now is the time for persons with taxable estates to consider how best to use and lock-in the increased exemption. For those persons safely under the current and prior exemption, care needs to be taken that their current documents do not result in a misallocation of assets where such allocation is tied to the exemption amount.
A recent presentation given to the FICPA explores these issues as well as other changes that may affect estate planning and administration.