Phoenix, AZ, November 05, 2020 –(PR.com)– The law firm of Morris Hall, PLLC (MH), the largest estate planning law firm in Arizona, has been watching the build up to the 2020 Presidential Election, and the current state is of no surprise. This is not a time to panic or worry, but rather a time to take advantage of the current tax laws.
2020 has been a year for the ages, but when it comes to the election, we have been down this road before. Four times in our Nation’s great history there were questions regarding the ultimate winner of the Presidential Election. In 1876, Rutherford B. Hayes won after the Democrats conceded the election, to expedite the end of Civil War Reconstruction of the South. Twelve years later, in 1888, there was a bribery conspiracy, as the Republican nominee, Benjamin Harrison, allegedly bought votes. His opponent, Grover Cleveland, won the popular vote, but Harrison won the election (Cleveland did not contest the results). In more modern times, JFK’s election in 1960 had some controversy, as voting machines seemed to have generated enough votes to win two states, and thus the votes in the Electoral College. JFK’s opponent, Richard Nixon, followed Cleveland’s path, and did not challenge the results. And the most recent example was the “hanging chad” issues in the 2000 Election. A county in Florida (the decisive state that year to determine the President) had a confusing ballot, and apparently many who thought they voted for the Democratic nominee, Al Gore, either voted for the wrong person, or voted for two people. After a month long court battle, Al Gore decided it was best for the country and conceded to George W. Bush.
2020 simply adds more “moving parts” in not declaring a victor on Election Night. With COVID fears and more absentee/mail-in votes being processed than ever before, there is the time element to count all of those votes. It is best to not rush to a conclusion, but to let the process play out.
The current tax laws are very favorable, providing no federal estate tax unless you have over $11.58 million. The time is now to get professional advice from an experienced estate planning attorney to take advantage of these laws, and put the best plan in place to maximize the amount of wealth and legacy you pass on to your family.
James Plitz, MH’s managing partner, said, “With the current $11.58 million federal estate tax exemption in place, this is a great opportunity to leverage and employ strategies to transfer wealth and preserve a family’s legacy now, by utilizing a Legacy Preservation Trust. With the election results hanging in the balance, getting the peace of mind, as it relates to your estate plan, is imperative.”
MH has assisted thousands of families take advantage of Federal and State tax laws to preserve wealth and create legacies that will last generations to come. With the election results still in limbo, taking advantage of current laws is a must. For more information visit us at www.morristrust.com.
To arrange an interview please contact Rhonda Royse at (480) 209-6465 (cell).
Published at Thu, 05 Nov 2020 08:00:00 +0000