An Additional Consideration for Those Advising Business Owners on Lifetime Gifts: As we near the end of 2020, many estate planners are doubling their efforts to assist clients with making lifetime gifts to take advantage of the current estate and gift tax exemption ($11.58 million) before its possible reduction following changes in the federal government next year. As any estate planner will tell you, there are always a number of factors to consider in determining whether lifetime gifting is an appropriate strategy and, if so, what form the gifts should take. In addition to the “normal” concerns, many business owners looking to make gifts of their business interests in the near future must consider an additional factor: the possible effects of Paycheck Protection Program (PPP) loans.
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Vanessa Kanaga currently serves as InterActive Legal’s Special Advisor on Estate Planning and Legal Strategy. She is the former CEO of InterActive Legal. Vanessa received her J.D. from Cornell Law School and holds a B.A. in Philosophy from Wichita State University, as well as an Advanced Professional Certificate from New York University School of Law. She is licensed in New York, Kansas, and Arizona, and currently lives in Arizona.
Prior to joining InterActive Legal in 2013, Vanessa practiced in New York, at Milbank LLP and Moses & Singer LLP, and in Kansas, at Hinkle Law Firm, LLC. She has experience in a range of estate planning matters, including high net worth tax planning and asset protection planning.
In 2024, Vanessa returned to the practice of law. She is an Associate Attorney at Greengard Law Firm, PLC in Phoenix, Arizona.
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