Greenberg Glusker LLP has made available for download their article, “House Ways and Means Advances Draft Tax Legislation with Dramatic Impact on Estate, Gift and Trust Taxation,” published on JDSUPRA. The abstract begins as follows:
Last week, the House Ways and Means Committee released, and advanced out of committee, draft tax legislation intended to form a part of the Democratic budget reconciliation bill. At almost 900 pages in length, this draft legislation addresses corporate, international and individual income tax changes, as well as changes to the gift and estate tax laws and the taxation of trusts, all of which remain subject to revision as the legislation moves through the legislative process before a full vote.
There are several gift and estate tax provisions in the proposed legislation that would significantly impact both current structures and future planning that you should be aware of and may wish to discuss with us or another of your tax advisors as soon as possible. While changes in the legislation remain likely, the proposed legislation contains some provisions that would take effect based upon the date of introduction of the legislation (September 13, 2021), some that would take effect based upon date of enactment, and some that would take effect January 1, 2022.
Click here to view Greenberg Glusker LLP’s summary of “House Ways and Means Advances Draft Tax Legislation with Dramatic Impact on Estate, Gift and Trust Taxation”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal