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Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed.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 Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.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 In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade.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
How The New Tax Law Directly Benefits Families
How The New Tax Law Directly Benefits Families Since December 22, 2017 there has been a flurry of news articles all talking about the same thing. Taxes. Well, rather the new tax law that just signed, the Tax Cuts and Jobs Act (TCJA). One of the biggest winners of this new law is American families,…
How to Minimize Investment Taxes
How to Minimize Investment Taxes As an investor, your first priorities should be 1) to develop an asset allocation strategy that aligns with your investment objectives and risk profile, and 2) to select quality securities that support that strategy. Only after that’s done should you turn your attention to taxes and identify opportunities to improve…
Should You Hire a Tax Advisor?
Should You Hire a Tax Advisor? Many high net worth individuals use a tax advisor to help them manage their wealth. So, what exactly is a tax advisor? And do you need one? First off, tax advisors work to help people reduce their taxes to the lowest possible amount. Many certified public accountants are also…
How Much of the Latest Tax Cuts Are Going to the Wealthy?
How Much of the Latest Tax Cuts Are Going to the Wealthy? The tax cuts are in and the jury is…well…still out. That’s because it all depends on who you ask. In this case, according to the latest report from the Institute on Taxation and Economic and Policy(ITEP), an organization that leans left, the rich…