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ARTICLE · 06 JUNE 2020

Is It Time To "Use It Or Lose It?"

Ward and Smith, P.A
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In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions.

United StatesCoronavirus (COVID-19)
Jennifer V. Boyer
Jennifer V. Boyer

In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions. Spousal Lifetime Access Trusts and other planning techniques provide opportunities to effectively use our current lifetime exemptions, even in the face of continued market volatility.

The United States Congress and the Federal Reserve have been taking unprecedented steps to shore up our economy – massive stimulus packages have already made their way into law, and more appear to be coming down the pike.

Market observers are supporting this "priming of the pump" to help businesses and families make it through the coronavirus pandemic, but even as we look to the horizon and the prospect of continued pandemic-related market volatility, legal and tax observers are noting a recurring theme: At some point, taxpayers will have to replenish the government's piggy bank.

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