1629 K Street, Suite 300
Washington DC 20006
+ (202)964-0753
Initial Consultation
Mon - Fri: 9:00 - 5:00
Closed Saturday & Sunday
Washington DC 20006
Initial Consultation
Closed Saturday & Sunday
Better act fast, it’s another election year and another bite at the Estate and Gift Tax
Every four years, we take a leap of faith and select our national global representative for a United States President. A lucky few get a repeat performance. Sometimes, the things that affect us individually conflict with things that affect us as a community, sometimes they don’t. A little strategic planning, foresight, timing and we can alleviate one significant individual concern – net worth and taxes. Historically, the Democrats have publicly supported lowering the threshold for the estate tax to apply, and the Republicans, as is a necessary condition for an opposing party, support the opposite. This means, if the balance in power shifts in 2020, it is likely that the temporary raised ceiling (expires after 2025) for the estate tax exemption will be cancelled, and more will be subject to the estate tax. Since 2001, the percentage either party’s stance on this issue has impacted has been between 1% and 0.07% of all decedents for the year. However, even if you are among the ultra-high net worth, some year-end estate planning can put the control back in your hands, instead of you waiting for the government to swing one way or the other.
All of the above can be implemented quickly and easily with a qualified team of tax advisors – trust and estate tax attorneys, financial and investment advisors, accountants, and valuation advisors. Attorneys experienced with working with ultra high net worth have the resources and relationships to set up an unique team of professionals for your specific plan and implement it seamlessly. The Royal Law Firm PLLC collaborates with several experienced accountants, appraisers, and financial advisors and can work efficiently with the advisors you already have, incorporate additional advisors, or form a team uniquely suited to your needs to put a plan in place before the end of the year. Contact us to learn more.