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Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed.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 Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.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 In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade.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
Six Common Daily Habits of Professional Leaders
Six Common Daily Habits of Professional Leaders Leadership in the workplace comes in many different styles and forms. Not all people in positions of leadership have the necessary skills to excel at their position. To be successful in business leadership you have to develop and hone numerous talents, abilities and attributes. Some professional leaders are…
These Illegal Tax Moves Could Cost You Big
These Illegal Tax Moves Could Cost You Big Everybody fibs on his or her taxes right? What’s a few dollars here and there? The IRS will never notice it. While it’ true that many taxpayers alter the real numbers on their tax returns and get away with it, honesty is always the best policy. Cutting…
Top Ways to Improve Your Leadership Skills
Top Ways to Improve Leadership Skills. You know there’s always room for more growth, more learning, and more improvement. Good leaders know they can always get better. They don’t become leaders by becoming complacent. So, since you’re like most good leaders and you recognize the need for continuing improvement, the next question is, how do…
Tax Filing Issues Have Jumped Greatly in 2019
Tax Filing Issues Have Jumped Greatly in 2019 Much of the news this tax-filing season has been about the changes in tax law, as well as the average refund amount. But there are other tax filing issues making news. In fact, that’s the exact problem. The 2019 tax season has been full of issues. According to statistics from the…