From Coal to Diamonds

From Coal to Diamonds

Finding Estate Planning Opportunities During Economic Downturns

With Covid-19 wreaking havoc on all aspects of life around the globe, we are facing financial uncertainty of epic proportions. Previous estate planning might be — or at least appear to be — out the window and the pressure of a volatile market leaves us wondering what’s next. In this episode, Trusts and Estates Attorney, Michael McBratnie, offers insight into how to find and maximize opportunities during a significant economic downturn.

Trust and Estates Attorney, Michael McBratnie, is a partner in the firm of Fox Rothschild. His practice involves a broad range of taxation and wealth planning matters including family business and succession planning, federal estate and gift tax planning, trust and estate law and administration and probate litigation. He is a certified mediator for the American Arbitration Association Dispute Resolution Services Worldwide. He speaks frequently to professional, civic, and community groups on topics in estate planning, business succession planning and wealth preservation.

“The best place to start would be…dust off their current documents and…schedule a time to talk with their estate planning attorney and just review their current documents.” – Michael McBratnie

What You’ll Learn from This Episode:

  • Why it is essential to review all estate planning and documents with a view to updating as necessary
  • Some of the most important questions to ask yourself when reviewing financial and estate documents
  • Why it is a good idea to review your Will and some of the changes that might need to be made
  • How the Secure Act changes a beneficiary’s retirement benefits
  • Why the state tax exemption set for 2026 might be cut in half much sooner
  • Some of the most significant planning opportunities we have right now
  • How political issues are impacting the financial picture
  • Why current low interest rates can be helpful
  • How Roth IRA conversions have changed, and the opportunities that now exist
  • Some of the questions to ask your financial advisor (Get those here)
  • Why taxes are likely to go up 
  • How private business owners can take advantage of gifting or selling portions of their businesses for tax purposes, without losing control of them
  • How a GRAT can benefit you
  • How intrafamily loans can help both you and your children 
  • What to consider when contemplating refinancing an intrafamily loan

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