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Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed.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 Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.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 In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade.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
This Year Will Be the Last Time You Can Claim These Deductions
This Year Will Be the Last Time You Can Claim These Deductions If you’re like many taxpayers, then you’ve already filed your 2017 tax return, and perhaps even received your refund. If so, congratulations are in order. You can now forget about taxes for another year…although we don’t recommend that. On the other hand, if…
Top Moments in Space Exploration
“Remember to look up at the stars and not down at your feet.” – Stephen HawkingThere is no question that space exploration has progressed technology, increased our understanding of the world around us, and inspire us to new heights. Space travel continues to inspire us today. Here is our list of 10 inspiring moments in space exploration. Please share what other inspiring space moments you think should be on the list.10. Space X Falcon Heavy LaunchSpace X Falcon Heavy launch was a big deal for
How to Become a Global Business Leader
Not everyone that wants to become a global business leader is going to reach that goal. That’s because it takes serious commitment, hard work, and a relentless desire to succeed in order to become a successful global business leader. But don’t despair; nothing is impossible if you’re willing to do the work. But you will need to make certain decisions to get there.Don’t be afraid to take chances – taking risks is important, but you don’t want o be reckless. It’s best to take educated risks
Is Bitcoin Ready for Another Surge?
Is Bitcoin Ready for Another Surge? If you’re lucky enough to own a stake in the cryptocurrency Bitcoin, then you’re already aware of it’s extreme volatility. The ultra popular digital currency has experienced massive jumps and slides during the last year, which have seen it reach as high as $19,783 back in December, only to…