Attorneys for the Rich Anxiously Await Trump’s Plan for Estate Tax

shutterstock_546595348

 

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Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed.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 Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.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 In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade.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

Posted in ,
Rikin Gandhi

Digital Green: Transforming Ag Extensions in India | Rikin Ghandi

Interview Transcript of: Digital Green: Transforming Ag Extensions in India | Rikin Ghandi Rikin Ghandi: Growing up I was inspired by astronauts and I wanted to put together my own astronaut playbook by studying computer science, aerospace engineering, getting a pilot license and was about to enlist in the US Air Force when I said college…

Kris Nielson

The Company That Let’s You Take Back Control of Your Garage | Kris Nielson

Interview Transcript of: The Company That Let’s You Take Back Control of Your Garage | Kris Nielson Kris Nielson: I came to school at BYU-Idaho up in Rexburg Idaho. I set out to go into law but decided to change course when I took some business classes and loved organizational strategy. During college I began…

Danielle DiMartino Booth; Federal Reserve

Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America | Danielle DiMartino Booth

Interview transcript of Danielle DiMartino Booth, Federal Reserve, By Alan Olsen, Host of the American Dreams Show. Danielle DiMartino Booth: I’m a good old-fashioned product of the community college system in this country. I worked my way through school. I ended up with an MBA in finance and knocked on every door on Wall Street…

Ray Rothrock

Digital Resilience | Ray Rathrock

  About Ray Rothrock Ray Rothrock joined RedSeal as CEO in February 2014. Prior to RedSeal he was a general partner at Venrock, one of RedSeal’s founding investors. At Venrock he invested in 53 companies including over a dozen in cybersecurity including Vontu, PGP, P-Cube, Imperva, Cloudflare, CTERA, and Shape Security. Ray is on the…