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CHANGES, EVEN UNEXPECTED OR UNWANTED, CAN BE AN OPPORTUNITY


May 4, 2020
posted in: News

We are mindful that this is a difficult time for many of us.  Still, amidst changes and challenges, opportunities can emerge. This means new opportunities now for yourself and the people you care about. If you want to save income, and gift, estate and generation-skipping tax, the current combination of unique circumstances can be a blessing. Here is some information we wanted to share.

If you are considering either new or possibly updating estate planning documents, or have been putting such things on a back burner, now might be a good time to act.

What we see now is unprecedented low asset valuations, low-interest rates (less than 1%), vanishing estate tax exemptions, and projected increase in income, gift, and estate tax rates to pay for the Coronavirus expenditures. Also, there is new legislation that has created other opportunities.

The Secure Law changes the period of time for Individual Retirement Account (IRA) beneficiary payments from life expectancy payouts to a period of ten (10) years. The Cares Act eliminates IRA Required Minimum Distributions for 2020.  Both laws create opportunities that should be considered in IRA planning strategies, which should include a series of Micro Tax-Free Conversions from a Regular IRA to a Roth IRA. The Cares Act creates a new Universal Partial Charitable Deduction that a person who is a non-itemizer can take in addition to the Standard Deduction. If this strikes you as good news, there’s more in these new laws. 

The Wild Sheep Family is also blessed to have Mr. Winton Smith, a gifted estate planning attorney who is an expert in tracking and counseling on these tax-saving options. He can assist you in evaluating your options in a way that is private, simplified, and understandable. A confidential telephone visit with Winton can better prepare you when you do meet with your estate planning attorney, which can save you thousands of dollars in hourly fees. There is no cost involved for Winton’s services. He is one of the family.

You can contact Winton Smith, Esquire at wintonsmith@wintonsmith.com, or call him at 901-301-9275.
  
We are especially grateful for all that you do for the Wild Sheep Foundation’s purpose of putting and keeping wild sheep on the mountain. This tax saving service is one way we can say thank you.

Gray N. Thornton
President & CEO
Wild Sheep Foundation

Paige Culver
Development Manager
Wild Sheep Foundation

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