Deeper Dive- House Estate Tax Proposal Requires Immediate Action

September 30, 2021

The House Democrats are proposing a $3.5 trillion spending plan. To support that package, the Democrats have proposed tax increases to fund a large portion of the plan. The House Ways and Means Committee recently issued statutory language for the tax increase proposal, including dramatic changes to the transfer tax system. While the tax legislative process will no doubt evolve with many twists and turns, these proposals might be the blueprint for any final legislation (or not). The implications of this are quite simple. Taxpayers who might be affected need to plan and take action now. If clients have been sitting on the tax planning fence waiting to see what will be enacted, this proposal suggests you advise them to jump off the fence and plan promptly. This webinar will explore the House proposal, what might happen, but most important, what advisers should discuss with clients now. There is so much uncertainty, and likely important revisions to come. But that doesn't negate the need to act now. What trusts might clients create now? What risks might advisers inform clients of concerning those trusts? Should GRATs and note sales be completed now? Might the changes make future payments in kind from GRATs in payment of annuities and payment of any note that a trust owes to its grantor with appreciated assets income taxable for pre-enactment transactions? Should old GRATs be immunized now? Mechanisms to unwind transactions should still be considered because there might still be retroactive changes in a final bill even though the House proposal does not include retroactive changes. What will become of insurance trusts (ILITs)? What should practitioners recommend now? And much more..... Speakers: Robert S. Keebler, CPA, Jonathan G. Blattmachr, Esq. and Martin Shenkman, Esq. Sponsors: Peak Trust Company and Interactive Legal *There are no professional advancement credits (CPE, CLE, etc.) offered for viewing this webinar.