Post-2016 Election Estate Planning
By: Joshua B. Glaser, Esq., LL.M. - December 09, 2016
Donald Trump spoke of such repeal numerous times throughout his campaign and with a Republican Congress by his side; it may be included in an expected tax change package early in his presidency.
This may lead to confusion since individuals will be unsure how it impacts their planning. Individuals with existing estate plans should not rush to make changes assuming a repeal of the estate tax until more information is known.
However, due to potential changes in Chapter 14 of the IRS Code that was introduced this quarter, individuals contemplating GRATs or transfer transactions may wish to move ahead to lock in discounts that may be terminated.
** 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.