In today’s blog post, Brad Wiewel talks with NBC affiliate KXAN’s morning show, Studio 512, about estate planning tips for 2021. He and host Rosie Newberry discuss recent changes in tax law and the possible impacts President Biden’s first term may have on estate tax exemptions.
The estate tax exemption is at the highest it has ever been. The potential exists for President Biden to lower the exemption. It is important to remember though that the estate tax exemption has never been lowered before. It is not a foregone conclusion that a Democratic president will lower the exemption. It was assumed that Former President Obama would lower it and he actually raised it.
Brad Wiewel provides additional estate planning tips on how you can use gifting to immediate family and relatives to lower your tax burden this year. If you would like to learn more about estate taxes and gifting, please visit our previous posts.
Texas Trust Law focuses its practice exclusively in the area of wills, probate, estate planning, asset protection, and special needs planning. Brad Wiewel is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. We provide estate planning services, asset protection planning, business planning, and retirement exit strategies. We also provide trust attorney services, creating revocable living trusts, charitable trusts, special needs trusts, living wills, and financial and medical powers of attorney. Years of experience, a passion for helping our clients, and a high regard for law and ethics guide the way we help our clients in estate planning, and in setting up secure estate administration, and trust administration structures. We can also carefully and gently help families navigate through the probate process.