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Uncertainty Complicates 2020 Year-End Tax Planning

By Business Tax, High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.

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BT Webinar Provides Tips to Election-Proof Your Estate Plan

By Events, High Net Worth Individuals, Individual Tax, Trusts & Estate Planning

With all eyes on the November election, many are wondering what impact the upcoming presidential and congressional races might have on estate planning. To provide answers, Bennett Thrasher’s Estates & Trusts practice partnered with BT Wealth Management and Djuric Spratt to present, “Estate Planning in an Election Year.”

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2020 Estate Planning Update

By High Net Worth Individuals, Individual Tax, Insights, Trusts & Estate Planning

2020 has been a year of unprecedented uncertainty for many individuals and businesses, with the coronavirus pandemic wreaking havoc on the economy, financial markets, industry segments, financial prospects for individual companies and the valuations of asset holdings. More change could be coming this fall, with an election, the prospect of a new administration on the horizon and the uncertainty of future economic conditions.

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Do You Need to File Gift Tax Returns? Avoid These Common Mistakes

By Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily.

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