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Potential Tax Ramifications of Election Results

Whatever you may think about the results of our recent presidential elections, you should consider the tax ramifications that will likely result.  One of the possible ramifications of Joe Biden becoming our President elect is the potential negative impact on estate, gift and capital gains taxes. The Biden administration may not only reverse some of the Trump administration’s enhanced estate tax exemptions, but may go beyond and may even reduce, if not eliminate, some of the exemptions available under the Obama administration.

Temporary Suspension and Modification of Laws Relating to the Disaster Emergency

Governor Cuomo issued an Executive Order relating to the current Covid-19 Disaster Emergency, effective April 7, 2020, relaxing the legal witness requirements for certain documents, and permitting the formal witnessing of many legal documents by remote means.  This means that certain estate planning documents (Health Care Proxies, Last Will and Testament, Power of Attorney) and various real estate documents (contracts of sale, closing documents, affidavits, title documents, agreements) can still be witnessed even in this day of social distancing and closed business offices.  This is good news for the elderly, the immuno-suppressed, and caregivers who are stuck at home but need to execute documents.




There are seven main groups that are helped by this law: individuals, small businesses, big corporations, hospitals and public health, federal safety net, state and local governments, and education.

The law includes several elements aimed at helping keep people engaged in the economy. That means direct cash for many, plus expanded unemployment benefits and new rules for filing  taxes and making retirement contributions.

“S” Corporation versus LLC * “S” Corporation versus LLC: How are they different and how are they the same? Why is an LLC a better vehicle in which to hold title to real property and why do more people choose “S” Corporations to form operating entities? MORE>>

* These forms are not intended for execution, but rather are merely informational.

Prior results do not guarantee a similar outcome. All information posted is general advice only, based upon the rules of NYS, and is not intended to be a substitute for personal legal advice. Although information provided here was accurate as of the date of posting, laws change frequently and rules in other jurisdictions may differ. Therefore, readers should not rely upon these postings but should consult an attorney to discuss their specific factual situation.

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