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How the 2020 Environment Differs from 2012 In 2012, the only risk taxpayers contemplated was the $4 million reduction in the exemption [ ]the focus of planning was rather narrow because individuals sought to use that as much of the $5 million exemption as they could before the end of the year If the Democrats do not capture the Senate, for example, changes in the tax law may have less or even no impact on the wealthy * Next, if the Democrats sweep the election, what will they enact in terms of tax changes? A wealth tax was discussed by candidates, as have the elimination of basis stepup on death and a capital gains tax at death [ ]an obvious but significant difference between 2012 and 2020 was the magnitude of the potential decline in the exemption amount If a wealth tax or capital gains tax on death were enacted, shifting assets to an irrevocable trust in 2020, perhaps before the effective date of any such legislation, might avoid a capital gains tax on death or even an annual wealth tax
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