Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Arizona
        • Carefree
        • Flagstaff
        • Mesa
        • Oro Valley
        • Phoenix
        • Prescott
        • Scottsdale
        • Sedona
        • Tucson
    • Career Opportunities
  • Our Services
    • Asset Protection
    • Probate
    • Tax Planning
    • Trusts
    • Trust Administration
    • Wills
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

Estate Planning after the Presidential Election

November 4, 2020 by Wendy W. Harn Leave a Comment

I often meet with families because of an important life changing event (marriage, death, birth, special needs, etc.). These common events provoke families to start thinking about their demise and how to best leave their legacy to their loved ones. Another event that typically triggers families to discuss their estate plan is during an election year. As we know this election year has been coined has an election year that will go down in history. Across party lines there are differing views on topics of future income tax rates, capital gains tax and estate tax. Regardless of who is in office in January 2021, there is no better time than now to review your estate plan.

One such tax that has received a spotlight during the presidential race is the federal estate tax, or otherwise known as the ‘death tax.’ The current federal estate tax exclusion amount is $11,580,000 per taxpayer, or $23,160,000 for a married couple (indexed for inflation). The current exclusion is set to expire at the end of 2025.

For some reading this, you might think that the federal estate tax will never be imposed on your estate after you pass away. Depending on who is elected President, this exclusion amount may be drastically reduced, thereby imposing a death tax on a greater number of estates.

Here is a glimpse of how the exclusion amount has changed over time –

                Year                                       Exclusion Amount

1987-1997                            $600,000

2006-2008                            $2,000,000

2009                                       $3,500,000

2010                                       Unlimited

2016                                       $5,450,000

2020                                       $11,580,000

Regardless of who will be the President for the next four years, it is important that you have your estate plan reviewed. There are important tax planning strategies through a properly drafted estate plan to help mitigate the devasting impact a death tax can have on your family.

  • Author
  • Recent Posts
Wendy W. Harn
Wendy W. Harn
Attorney at Morris Hall PLLC
Wendy is actively involved in her community and serves in many capacities, focusing especially upon helping youth to establish good values and morals that will guide their future. Wendy’s three sons have grown in the ranks of the Boy Scouts of America and all have earned the rank of Eagle Scout. Wendy is proud of her membership with the Saddlebrooke Rotary Club, Make-A-Wish and the Funeral Consumers Alliance of Arizona.
Wendy W. Harn
Latest posts by Wendy W. Harn (see all)
  • Accepting Inheritances: Do I Have To Take It? - April 19, 2022
  • Estate Planning For Women: Is It Different? - November 2, 2021
  • Joint Tenancy Problems in Estate Planning - February 23, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer