Giarmarco, Mullins & Horton, P.C. has made available for download their article, “Potential Changes to Gift and Estate Tax Laws in 2022”. The article begins as follows:
Under a new administration, proposed tax legislation has been introduced that could significantly impact estate tax planning. While it is not clear if, or when, any of these proposals will be enacted, it is vitally important to be prepared and plan ahead.
While many of the provisions enacted under the 2017 Tax Cuts and Jobs Act are set to expire in the next few years, changes may occur earlier if any of the recently proposed legislation is enacted. The American Families Plan, announced by the Biden administration, aims to close tax loopholes that are seen as allowing wealthy individuals to avoid tax on inherited wealth. The For the 99.5% Act, sponsored by Sen. Bernie Sanders and Rep. Sheldon Whitehouse, aims to curtail planning strategies used mainly by 0.5% of wealthy Americans to avoid tax. And on September 13, 2021, the House Ways and Means Committee released the proposed tax provisions of the broader budget reconciliation bill that Democrats hope to pass in the upcoming weeks. The House’s draft bill includes various provisions that will affect gift and estate tax planning, as well as legacy planning.
To see the full article, click: “Potential Changes to Gift and Estate Tax Laws in 2022”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.