How the new administration will impact family offices

Theresa Fortin Balducci, partner in Herrick's Private Clients Department, was quoted in Crain Currency in an article discussing how family offices and professionals are preparing for the incoming administration’s anticipated changes to policies that could affect taxes, their portfolios, estate planning strategies and the greater economy.

The article noted that the incoming administration’s estate tax policies are expected to benefit family offices and high-net-worth investors. Even with the current extension of the estate tax exemption, wealth advisers recommend using it up by the end of the year. "It’s better to transfer the assets and to do gifting and planning than not if you’re in a position to do so," said Theresa. "The exemption is so high right now that if you don’t use it, you’re really leaving a lot on the table."

"Once that planning takes place, no matter what the tax consequence is, you’re at least getting all that appreciation out of your estate, " Theresa explained. 

Read the full article in Crain Currency here. Access may require a subscription.