Jacque Albus of Husch Blackwell LLP, has made available for download her article, “$2.1 Trillion Reasons Why You Should Consider Estate Planning NOW,” published on JDSUPRA. The abstract begins as follows:
On Wednesday, September 15, The House Ways and Means Committee advanced a proposal for a $2.1 trillion tax increase.
The proposal could drastically change the gift and estate tax treatment of new irrevocable trusts and transactions with certain existing trusts.
The proposal would also reduce the current gift and estate tax exemption of $11.7 million to $5 million (adjusted for inflation) as of January 1, 2022. This also reduces the current generation-skipping transfer tax exemption to the same level.
Other income tax measures are also included in the proposal.
Recommendation: Act now to implement or update your estate plan.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal