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Planning Before the 2020 Election: What Every CPA Should Know to Advise Clients

PLANNING BEFORE THE 2020 ELECTION: WHAT EVERY CPA SHOULD KNOW TO ADVISE CLIENTS

Cost Free
Presentation Length 1.0 hour

Recorded DateJanuary 31, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The result of the 2020 election can’t be known but if the Democrats gain sufficient control in Washington they may enact the estate tax proposals that seem to have become part of the Democratic Party platform. This might take the lines of the estate tax legislation Sanders introduced into the Senate and which Gomez introduced into the house. Most clients, even those of moderate wealth, should be educated about what this might mean and planning they might consider before the election.

Consider what a $1 million (from the current $11.58 million) exemption would do to planning? Physicians and other clients worried about asset protection planning could lose much of the ability to protect assets. A $3.5 million gift exemption could make many of your clients who have been ignoring estate planning subject to harsh estate taxes. A $20,000 cap on total annual gifts could prevent many clients from funding common life insurance trusts. There are lots of practical planning ideas you should be discussing with clients now. This webinar will review the potential changes as well as planning you should be discussing with clients NOW!

Learning Objectives:


  • Explain what the various Democratic proposals to change the estate tax system include.

  • Discuss how practitioners can educate clients about the possible changes.

  • Teach planning steps practitioners might consider for their clients now.

  • Explain the importance of asset protection planning under the new estate tax regime.

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE

Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
[email protected]
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

About Our Presenter

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Shenkman Law is a boutique firm focused on the legal needs of high-net-worth individuals, professionals, close business owners, and real estate owners and developers. They provide creative legal solutions to help clients meet complex or seemingly contradictory personal, business, financial, and tax goals, and pride themselves on treating clients with thoughtful care—just like members of our own families.