Five ways to build flexibility
into your estate planning

In part one of a two-part series on transfer tax planning and income tax planning, senior wealth strategists Theresa Marx and Beth Mayfield share five strategies that can help you build flexibility into gift planning this year.

Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then as a result of political or policy changes.

Because of the potentially limited window to take advantage of the higher transfer tax exemptions, many individuals are making—or at least considering—large gifts while the exemptions are certain. However, not everyone is ready to give away a significant amount of wealth in case those assets are needed in the future. For those who are concerned they may need to access gifted assets in the future, there are some strategies that can build flexibility into gift planning to address that concern.

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