Tax Planning After the 2020 Election … And 2021 Runoffs

For the first time in a decade, the Democratic party controls the Senate (narrowly), House, and Presidency in the U.S. As a result, many believe there will be significant legislative changes to the estate tax laws. Although the extent to which these laws change is unclear, there are still opportunities to take advantage of larger tax exemptions while reducing or even eliminating risk of triggering tax.