Holland & Knight Alert: House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning (September 29, 2021)

Katharine G. Griffiths, William R. Mureiko, Sarah W. Marks, and William R. Lane Jr. of Holland & Knight LLP, have made available for download their article, “House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning” published as a Holland & Knight Alert. The article begins as follows:

The House Committee on Ways and Means’ proposed tax plan to pay for the $3.5 trillion infrastructure bill includes a number of significant changes to current estate planning opportunities. Taxpayers should consider taking advantage of the current tax rules before the end of 2021

Under the proposed plan, grantor trusts will be included in the grantor’s estate upon death, distributions from grantor trusts will be subject to gift tax and sales between the grantor and the trust will be fully taxable.

In addition, lack of marketability and minority discounts will no longer be available for certain entities.

The estate and gift tax exemption also will be cut in half from $11.7 million to $5.85 million ($5 million indexed for inflation).

To view and download the article, click here: “House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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