Attorneys for the Rich Anxiously Await Trump’s Plan for Estate Tax
Chances are most people will never have to worry about paying a federal estate tax, since the value of most people’s estates don’t exceed $5.34 million. However, if president Trump has his way, not even the very few taxpayers that would have otherwise been affected by this law, will have to worry about it either.
Some of the nation’s wealthiest taxpayers, the roughly 5,000 people affected by the federal estate tax are excited to hear of Trump’s plan to eliminate this tax completely. In addition, several attorneys who represent this group of taxpayers are waiting to see what happens. That’s because with change comes many dominos, like filing new paperwork and other documents to make those changes legal and binding.
Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed. As one attorney noted, “there will always be taxes on high-net worth individuals.” Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.
Meantime, Trump has not stated how his plan would or would not affect the gift tax, which also plays an important role in estate planning. In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade. It might still be too soon to know the exact effects of eliminating the estate tax, but those changes could be coming soon.
http://www.americanlawyer.com/id=1202775297806/Lawyers-for-the-Wealthy-Await-Trumps-Estate-Tax-Plan?slreturn=20170010133322
Overconfidence Steps Up
Overconfidence Steps Up Overconfidence is irritating to the onlooker. In a public place, we resent those exhibiting this trait. We think them as arrogant and pushy. We see a man disrespect others in his wake and we loath him. “How could he be so inconsiderate?” And we avoid being tossed by the waves of his…
Try These Smart Tax Saving Moves Before the Year Ends
Try These Smart Tax Saving Moves Before the Year Ends It’s really the middle of November already. Thanksgiving is just a few days away and Christmas is soon to follow. People are grateful for many things at this time of year, but one of them isn’t taxes. Of course, the real tax season doesn’t begin…
Where Do Californians Stand On Taxes?
Where Do Californians Stand On Taxes? California’s high ranking on the tax meter is well documented. The state is among the highest in the nation for both income taxes and business taxes. It ranks high in several other tax categories as well, including sales tax, property tax and even the gas tax. The Golden State…
Why Do California’s Tax Problems Continue?
Why Do California’s Tax Problems Continue? It’s the classic adage made famous from the movie Robin Hood: “Rob from the rich and give to the poor.” Although Robin Hood may have meant well and his actions noble, the idea of taking more from the rich to give to the poor is not always wise when…