An Opportunity for Gift and Estate Planning at Low Valuations The disruption brought about by COVID-19 created certain industry “winners” and “losers.” Many of those that emerged as losers are small and medium-sized privately held businesses such as restaurants, bakeries, gyms, hair salons and spas, and the corresponding real estate holding entities that leased to such businesses, held retail and office space, and even apartment buildings. At this point, the most frequent question asked by business owners is: “Should I reopen my business or not?” While being on the losing side, it may be a good time for business owners…