Conclusion
Despite the ominous clouds on the horizon of estate planning, all of the current wealth transfer techniques and entities discussed in this article are still viable options for those looking to take full advantage of the generous current estate tax exemption and increase gift and estate tax savings. All of the proposed changes to the current tax laws will continue to be reviewed and debated in Congress, which is why it may be prudent to act now. Even if it is decided there shall be no estate tax changes for now, they will occur by default on January 1, 2026, less than four years away. Additionally, it is also critical to review one’s estate planning documents on a regular basis to ensure such documents express your present intent; this will refresh yourself on which tax saving provisions your documents invoke and if those provisions still make sense based upon evolving law.
Jordan Linn is a partner in the T&E practice of Tannenbaum Helpern Syracuse & Hirschtritt, and Jordana Balsam is an associate in the practice.