Do You Still Need An Estate Plan If There Is No Estate Tax?
By: Forbes Finance Council - April 17, 2017
One of the pieces of Donald Trump’s campaign platform that attracted a lot of attention was his pledge to repeal the federal estate tax. Or, as he calls it, “the death tax.” Now that he is President Trump, what does it mean to us if he does in fact repeal the estate tax, which currently stands at 40%? Does this represent a phenomenal opportunity for this generation to pass an enormous amount of tax-free wealth to their beneficiaries? Would this change also mean that all the estate planning attorneys out there need to find a new line work?
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.