Lee Caney of Dechert LLP, has made available for download his article, “THE TIME TO ACT IS NOW – House Ways and Means Committee Proposes Tax Changes: Significant Provisions Related to Estate Planning Included”, published on JDSUPRA. The abstract begins as follows:
On September 13, 2021, the House Ways and Means Committee formally released its proposed tax provisions to be incorporated into the broader budget reconciliation bill it hopes will pass in the near future (the “Tax Proposal”). The Tax Proposal includes a number of corporate and individual tax increases and changes. This summary focuses on certain of those provisions related to gift and estate tax planning.
While this is only proposed legislation, and some provisions may change materially or ultimately be eliminated before becoming law, many of the provisions likely to survive are slated to become effective at the time the law is enacted. Those considering gift and estate tax planning, particularly with “grantor trusts” as described below, should act now.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal
