What important trust and estate issue is your company working on?
The impending decrease in the gift and estate tax exemption has created a sense of urgency for high-net-worth individuals to utilize their exemption (currently $12.92M) before it drops to the pre–2017 tax act amount of $5M (adjusted for inflation) on January 1, 2026. They want to make gifts, but they often don’t know what assets to give or how to structure those gifts. We utilize a process called a Legacy Assessment to help our clients assess the total value of their estate, understand how those assets will flow under the terms of their current will and trust documents, and define their wealth transfer goals. Through this holistic planning model, we’re better positioned to know the art of the possible and then collaborate with the family, their attorneys, and other advisors to strategize ways to utilize their remaining exemption efficiently and purposefully.