2020 has been a tumultuous year to say the least. As you and your advisors sit down to discuss year-end tax and charitable planning, there are several additional factors this year that can influence key decisions. The COVID-19 pandemic continues to impact virtually all aspects of the economy; and the upcoming election is bound to bring changes to Washington that could result in significant changes to the income tax and the estate and gift tax regimes. States and local governments are facing unprecedented budget crises that could also lead to new or larger tax burdens.
