McBrayer Members Ivan Schell and Sean Mumaw were recently quoted in a Louisville Business First article forecasting tax and estate law shifts that are likely to come with the change in presidential administrations.
Mr. Schell spoke to anticipated tax law changes, particularly as a way for Biden to pay for coronavirus relief efforts. He also spoke to potential changes in estate tax as "a primary target...most likely to see change before any of the other areas do.
“But of course, every problem like that provides an opportunity for people like us to make our clients aware and be proactive in trying to plan and modify estate plans in order to accommodate these changes that we know are going to come," Mr. Schell said.
McBrayer Member in Estate Planning & Administration Sean Mumaw mentioned potential shifts in tax deductions. “Change is coming, and the income tax deductions that the Trump Administration was able to gain for individuals, those are also going to go away to a great extent. The corporate provisions are permanent, but the ones applicable to individuals are temporary," he said.
Both attorneys urge clients to sit down and plan with tax and estate advisers to best take advantage of the current legal landscape and prepare for the years to come. To read more from Mr. Mumaw, Mr. Schell, and other thought leaders, check out the full article here.