Joe Biden Elected President - Questions Loom About the Federal Estate Tax

Phoenix, AZ, November 09, 2020 --(PR.com)-- The law firm of Morris Hall, PLLC (MH), the largest estate planning law firm in Arizona, congratulates Joe Biden on presumptively winning his bid to become President of the United States.

With Mr. Biden’s election, there is ambiguity about the federal estate tax. Mr. Biden ran with a view that the Federal Estate Tax exemption amount should be reduced to $3.5 million. If he is able to implement a revised tax plan to achieve this objective, it will result in thousands of more families and estates paying a Federal Estate Tax (tax rates have been as high as 55%). This potential change on the horizon, creates a necessity to have your estate plan reviewed by a competent estate planning attorney, to ensure you take advantage of the current laws, and mitigate the effects of likely, drastic changes in the future.

James Plitz, MH’s managing partner, said, “With the current $11.58 million federal estate tax exemption potentially shifting down, it is imperative to leverage and utilize strategies to transfer wealth and preserve a family’s legacy now. Estate planning is about risk mitigation, and with a change in the Presidency, it creates a certain amount of chaos, but our skills and knowledge can help alleviate just about any change that occurs.”

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 of Joe Biden, challenges are inevitable as laws are bound to change. But while the current laws are in effect, MH will continue to leverage these existing strategies and work to develop alternative approaches to benefit families throughout Arizona. For more information visit us at www.morristrust.com.

To arrange an interview please contact Rhonda Royse at (480) 209-6465 (cell).