Jennifer Wioncek (Bilzin Sumberg LLP): For The 99.5% Act – Is Change a Coming for the Estate Planning World? (March 26, 2021)

Jennifer Wioncek, of Bilzin Sumberg LLP, has made available for download her article, “For The 99.5% Act – Is Change a Coming for the Estate Planning World?” published in JDSUPRA. The abstract is as follows:

With a Democratically controlled Congress, many believe there is a chance that the reduction of the federal estate tax exemption could happen, particularly as this was a campaign item for the President. Some of the other items have been part of previously issued “Green Books” by the U.S. Treasury in some shape or form but never made their way to a piece of legislation. It should be noted that this bill does come off the heels of proposed legislation introduced by Senator Elizabeth Warren on March 1, 2021, to be called the “Ultra-Millionaire Tax” and proposing a new federal wealth tax. If any of the foregoing proposals should be passed, there will be a significant impact on many of the common succession planning techniques to reduce federal transfers for high net worth individuals. It will be important to monitor the progress of these proposals and be prepared.

To view the full article, click here: “For The 99.5% Act – Is Change a Coming for the Estate Planning World?”

Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.

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