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Get a “GRIP” in This Uncertain Tax EnvironmentGet a “GRIP” in This Uncertain Tax Environment

A valuable estate-planning technique for clients who want to lock in what’s remaining of their $11.7 million exemption.

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27 Min Read
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With the current environment in Washington, clients are nervous and seeking our advice and guidance more than ever on what they can do to plan for the uncertain looming changes to the Tax Code. Whether under President Biden’s American Families Plan, the “99.5% Act,” the Sensible Taxation and Equity Promotion (STEP) Act or the sunset of the tax cuts under the Tax Cuts and Jobs Act, changes to the Tax Code are almost certain. However, what those changes will ultimately be is anyone’s guess. This makes it challenging to offer tax planning advice, particularly to those clients who wish to take advantage of the current $11.7 million gift tax exemption but can’t afford to irrevocably give away assets or simply don’t want to. For those clients,...

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About the Authors

Stephen M. Breitstone

Partner, Meltzer, Lippe, Goldstein & Breitstone, LLP

Stephen M. Breitstone is a partner at Meltzer, Lippe, Goldstein & Breitstone, LLP with offices on Long Island, N.Y. and in New York City.

Mary P. O'Reilly

Partner, Meltzer Lippe

 

Mary Pokojny O'Reilly is a partner in the Trusts and Estates Group and the Tax Exempt Organization Group of Meltzer Lippe.

Mary assists individuals and families in the preservation and transfer of wealth. Her clients include family business owners, real estate developers, investment bankers, private equity fund managers, physicians, inventors, entertainers, business professionals, retirees, non-resident aliens, domestic partners and those of inherited wealth.

A frequent lecturer to other estate planning professionals, Mary has spoken at prominent national legal conferences such as the American Bar Association's Real Property, Trusts and Estates Section's Spring Symposia and Practicing Law Institute's Annual Estate Planning Institute.

Prior to joining Meltzer Lippe in January 2011, Mary practiced for over seven years in the Trusts and Estates Group of the international law firm of Fulbright & Jaworkski, LLP in New York City, where she represented ultra high net worth individuals and families.

Mary received her L.L.M. in Taxation from New York University School of Law in 2007. She received her J.D., cum laude, from St. John's University School of Law in 2003, where she attended law school on a full academic scholarship and served as Managing Editor of the St. John's Law Review. She received her BA, cum laude, from SUNY Binghamton in 1998.

Joy Spence

Associate, Meltzer, Lippe, Goldstein & Breitstone, LLP

Joy Spence is an associate at Meltzer, Lippe, Goldstein & Breitstone, LLP, with offices on Long Island, N.Y. and in New York City.