Steve Leimberg’s Estate Planning
Email Newsletter Archive Message #2715
“While few, if any, believe the estate tax bill proposed by Sanders could be enacted with the current Trump White House and a Republican Congress, practitioners should take heed of the intent behind the proposals made in the Act. While one might dismiss this as mere electioneering by Sanders, be careful as this proposal might be a glimpse as to what could occur if the so-called Blue Wave (that is, the Democrats winning both Houses of Congress and the White House) from the 2018 mid-term elections continues through the 2020 election.
Why should practitioners care? While there may currently be a Federal estate tax and gift tax exemption of $10 million inflation adjusted (currently
$11.4 million in 2019) that does not mean practitioners should be unconcerned with planning for clients with lower level of value of assets than the current exemption. The Act proposes a dramatic reduction in the exemption and restriction or elimination of several of the most powerful planning tools in an estate planner’s arsenal.”
We close the week with commentary by Martin Shenkman, Thomas Tietz and Jonathan Blattmachr that examines Senator Bernie Sanders’ proposed tax act entitled “For the 99.8 Percent Act.”
Here is their commentary:
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