Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group. Will It be 2012 All Over Again?
It is widely recognized that as a technical matter, if there is the political will to do so, the exemption could be reduced in 2021, after a new president might be sworn in, effective as of Jan. 1, 2021.
September 03, 2020 at 11:34 AM
6 minute read
We started our law firm in spring 2012 and vividly (and gratefully) remember the extra boost we received from planning by many clients that year because the exemption from the federal gift and estate tax was scheduled to drop on Jan. 1, 2013, from $5.12 million to $1 million. At the moment, the exemption is again scheduled to drop from its current level of $11.58 million to $5 million indexed for inflation, but, not until 2026. However, many high net worth individuals are fretting that if there is a swing to the left in the federal government after the November election, the exemption could easily be reduced sooner, and very possibly below the $5 million level. It is widely recognized that as a technical matter, if there is the political will to do so, the exemption could be reduced in 2021, after a new president might be sworn in, effective as of Jan. 1, 2021.
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