Tax Planning Considerations for 2020

The pandemic has been costly, and based on the results of the election, it is possible that many of the terms favorable to high earners and those with significant estates will sunset in 2025. There are strategies that you can implement now to lock in the current tax and estate planning regime, but time is running out to act.

In this informative webinar, AMG National Trust discussed implications of possible future tax changes such as:

• Restoration of pre-TCJA rates and brackets
• Restoration of the Pease limitation on itemized deductions
• Phasing out of qualified business income deductions
• Limit on tax benefit of charitable contributions to 28% of their value
• Elimination of “like-kind” or “1031” exchanges
• New payroll taxes on those making over $400,000, especially those earning over $1 million
• Imposition of capital gains tax on certain transfers of appreciated assets
• Prohibition of “valuation discounts” on interests in closely held businesses

Presenters:

Masood Dhunna, President, Private Wealth Management

Emily Musser, Vice President, Client Relations