Katten Muchin Rosenman LLP, has made available for download their article, Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning, published in JDSUPRA. The abstract is as follows:
The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time sensitive. Thankfully, unlike previously publicized tax reform proposals, the existing “step-up” in basis rules that apply at the time of a decedent’s death are not being altered by the new draft legislation. A summary of the proposed changes follows. Please note that the proposals discussed below are subject to further revision, perhaps significantly so, as the draft legislation works its way through Congressional committees in the different houses of Congress and toward enactment.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.