The Greek philosopher Heraclitus once said that the “only constant in life is change.” This statement rings true now more than ever. Due to COVID-19, many of us have drastically changed the way we work and even how we spend our leisure time (more hiking and biking for me). In addition, estate-planning practitioners must keep up with a myriad of proposals to amend the tax laws and the possibility of surcharges imposed on wealthy clients. And if that weren’t enough, there are social changes afoot, including the legalization of marijuana in many jurisdictions and the increased prevalence of couples who choose to cohabitate without getting married.
These changes ultimately affect the issues clients face and the type of advice practitioners will need to give. Our Special Report this month includes articles that address these different areas of change. From “Playing Chess With the Feds,” p. 8, by Charles A. Redd, which provides an overview of the dizzying array of possible alterations to federal tax laws, to“Estate and Gift Tax Valuation of Cannabis Business Interests,” p. 22, by Jonathan G. Blattmachr, Bridget J. Crawford and Mitchell M. Gans, which reviews the estate-planning uncertainties and complexities facing owners of legal cannabis businesses, we’ve tried to keep you up to date on some of the new developments facing practitioners. And for those who would like to take a break from reading about tax issues, Craig R. Hersch, in “What We Learned, and How COVID-19 Changed Our Practice,” p. 13, provides a humorous take on how he adapted his practice to the COVID-19 restrictions.
Here’s hoping 2022 brings positive changes for everyone.