Withers partner, Jenny Hill Bratt, was featured by Bloomberg Tax in an article discussing tax consequences for high net worth individuals and families.
Longer lifespans for wealthy individuals are changing their approach to estate planning, the article says. Terms like "reverse estate planning" and "backdoor spouse planning" are becoming part of the new lexicon for estate tax advisers as millionaire clients live into their late 80s and beyond.
In the article, Jenny comments on tax planning under the new tax law, and the opportunity created by the higher estate tax exemption.
The higher exemption means in 2019 individuals can transfer up to $11.4 million to beneficiaries without paying estate tax at death, and a married couple can transfer twice that at $22.8 million, the article says.
Jenny is not seeing a reluctance by high net worth clients to use the increased exemption amount.
Jenny's practice is focused on US and international estate and income tax planning, trusts and estates administration, family and closely held business planning and charitable planning and exempt organizations.
The article, "Less estate tax planning may be better for longer-living rich," was published on Bloomberg Tax's Daily Tax Report on April 24.