"Virus Chaos Creates Opening for Millionaires to Slash Tax Bills"

Brett Berly quoted in "Virus Chaos Creates Opening for Millionaires to Slash Tax Bills"

Chamberlain Shareholder Brett Berly is quoted in a Bloomberg Tax article titled "Virus Chaos Creates Opening for Millionaires to Slash Tax Bills." Market uncertainty caused by the coronavirus pandemic has created an opportunity for the wealthy to pass more wealth to their children free, or virtually free, of tax.

Depressed asset values, combined with historically low interest rates, unprecedented estate and gift tax exemptions, and a favorable political climate, are making some tools more attractive than ever—especially those that allow parents to shift appreciable assets that have temporarily lost value to their children in a way that minimizes future estate and gift tax, according to estate tax attorneys.

“It creates, in many ways, a perfect storm for a transfer plan,” said Brett Berly, a shareholder in the trusts and estates section at Chamberlain Hrdlicka.

To view the article, click here.