In a recent article in Bloomberg, “Rich Americans Seize Historic Chance to Pass on Wealth Tax-Free,” author Ben Steverman applauds rich Americans who are taking advantage of an unprecedented opportunity made possible by the coronavirus pandemic to transfer money to their children and grandchildren tax-free. We recommend rephrasing it to say smart Americans rather than just rich Americans. Historically low interest rates and volatile markets are creating a “once in a lifetime chance”.

Even though estate planning is the rational thing to do right now, we realize many are still reluctant. Some compare the COVID-19 reaction to a type of grief – we go through stages, and the last stage is acceptance. We urge everyone to accept this new reality and take advantage of the planning opportunities. This is a rare convergence of lower valuations, rock-bottom interest rates, and planning tools that could go away when the government finally addresses our sky-high deficit.

As the article points out, this is a “once in a lifetime chance” to shift wealth tax-free. We urge you to join the ranks of smart Americans. Give us a call today!