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Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed.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 Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.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 In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade.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
8 Ways to Save on Car Insurance
8 Ways to Save on Car Insurance By Michael Broach Now that the days of cheap gas are over, people are constantly looking for ways to save a few bucks on their car. Most people will look for ways to make their car more fuel efficient, but another way to save is to lower your…
Ten Things the Average Person Does Not Know About Annuities
Ten Things the Average Person Does Not Know About Annuities By Robert D. Cavanaugh, Clu Deferred annuities possess characteristics found nowhere else. They play an important part in seniors’ portfolios. Seniors hold billions of dollars in deferred annuities. However, my experience is that the average person knows little about the unique advantages of deferred annuities,…
Wealthy Be Aware of Shady Financial Advisors
Wealthy Be Aware of Shady Financial Advisors Despite all the benefits and perks that come with being wealthy, there are also many pitfalls that many wealthy individuals can get caught up in, especially when those wealthy individuals are thrust into their wealth very suddenly, like a professional athlete or entertainer. Many of these wealthy people…
Tax Strategies That The Wealthy Use to Save
Tax Strategies That The Wealthy Use to Save We all want to save money on our taxes, especially ultra-wealthy taxpayers who are hit the hardest by the nation’s highest tax strategies of the wealthy percentages. We know that the country’s richest 1 percent pays nearly a quarter, 24 percent, of all federal income taxes collected…