If the CARES Act did not add enough planning complexity to 2020, we now have a change in leadership at the presidential level.  With the recent election pegging Joe Biden as the next President, it is important to take a look at his legislative proposals and determine if there are any areas in which individuals should review their situation and make proactive moves.  While nothing is certain, especially with the Republicans holding the Senate, we recommend you review the following situations before the end of the year: 

2020 is nearing a close — sounds good, doesn’t it? With the end of the year, not only do we look toward a fresh start, we also take the time to ensure we’ve taken advantage of every opportunity from a tax-planning standpoint. Take a look at our Year-End Checklist to make sure you’re ending 2020 the right way, and feel free to reach out to your advisor or visit us online at www.waldronprivatewealth.com/contact.

Under the current Trump administration, the Federal Estate tax exemption is $11.58M for individuals ($23.16M for married couples) with a top tax rate for estate tax of 40%. This amount will continue to increase with inflationary adjustments temporarily until it is slated to sunset starting January 1, 2026, which reverts to pre-2018 levels of around $5M (adjusted for inflation).  

There are not enough words to describe this year, although, “apocalyptic” has passed my lips more than once. Beginning with a global pandemic, quarantines and business closures, market corrections, to the devastating fires along the West Coast, and now closing towards a tumultuous Presidential election, it has certainly been a year where resiliency and empathy are needed.

The 2020 election is approaching with many important issues at the forefront of each candidate’s campaign. But there are other issues not as widely discussed yet equally important – one being Social Security reform. It is common knowledge the Social Security trust fund runs a deficit each year and any changes to the Social Security funding or payment structure would impact many.  Here are the top 5 things you need to know about the proposed Social Security changes: 

2020 will go down in history as one of the most interesting years we have faced in some time. Our society has endured, and still battling, a global pandemic, experienced an extremely volatile financial market, and now we are on the threshold of one of the most politicized Presidential elections. To top it off, we are seeing signals that this election will not go quietly into the night.