Dear Clients, Friends, and Trusted Advisors,
As we move towards Spring and hope for the end of this plague, we remain very busy. My paralegal Liza and I work remotely on most days, but I am in the office a few days a week for appointments when I am not working from beautiful Dumbo Heights, or in Saranac Lake. We have all been fully vaccinated, but we remain respectful in observing your personal safety regime for in-person meetings. Super Lawyers has again named me to their honor roll, and this makes seven years, so far.
Our documents and records remain fully digital, with paper files only as absolutely necessary (such as the Will Vault). Our meetings are conducted via our telephone conference call facility, or via video web connection, as desired.
This contagion has impacted our perceptions of our mortality, and we hope will spur you fence sitters to action. We are ready to help you review, modify or create your estate, tax and business planning and hope this is moving up your list of priorities. The obvious market volatility and the dramatic changes to the values of our financial and non-financial assets do offer opportunities for timely intervention and tax efficient family wealth transfers and planning. Historically low interest rates allow the use of techniques for intra-family loans and other leveraged transfers that can positively affect the financial security and well being of your heirs.
The Estate and Gift Tax proposals in the original Sanders-Biden legislation and Build Back Better Act seriously threatened our continued use of most of the methods which we recommend to help our clients navigate the transfer tax system. As this is written in February, 2022, we are optimistic that almost none of these will find their way into law this year. Accordingly, there is some time to harvest wonderful tax savings before the 2025 "sunset" of the very generous estate and gift tax exemptions we now enjoy. Please check our Blog Tab for the latest updates.
During Covid we have encountered a significant uptick in the extent of our work to help our clients properly construct their business plans, documents and agreements to make sure that they are compliant with the basic statutory requirements, and properly address management and share ownership issues, and be prepared for continued operation in case of retirement, disability for death. In this area, a small investment of time can provide a strong foundation for your most valuable asset(s).