Michael M. Gordon Contributes Comments to Forbes Article

On Nov 22, 2020, Managing Partner, Michael M. Gordon was quoted in an aritcle in the Personal Finance section of Forbes.com titled"Why The Wealthy Are Pleased With The Election Results", by Megan Gorman, Senior Contributor.

The artilcle discusses why wealthy individuals and families are breathing a sigh of relief in light of the election results. Their worst tax fears are not to be realized in the near term as the combination of a Democratic president and a likely Republican Senate means that significant tax legislation is off the table.

“Prior to the election there was a real concern that there would be a total blue wave and the lifetime exemption amounts would be reduced from the current amount to a much lesser amount in 2021,” says Michael Gordon, Managing Partner of the National Estate Planning Group at Gordon, Fournaris & Mammarella in Wilmington, Delaware.

The piece continues to discuss the affect the outcome of this election will have on whether clients need to take action today now that we know who will be in the White House for the next four years.

“If the Republicans hold the Senate, I think it is highly unlikely we will see any change to the transfer tax system next year,” says Gordon. “It is always possible there is a negotiated tax bill and the Republicans cave on the estate tax, but I don’t see that happening.”