Asset values and the COVID-19 pandemic – Depressed values can affect your estate plan
Abstract: A variety of estate planning strategies require having accurate valuations of assets. Indeed, the tax implications of these strategies depend on the fair market value of one’s assets when they’re transferred. The values of many assets may be temporarily depressed because of the COVID-19 pandemic. This article explains why now may be an ideal time to gift them, either directly to family members or to irrevocable trusts. Hiring a qualified valuation expert is essential to updating one’s estate plan for this limited-time opportunity.