Although we will all have to wait until January to see exactly how president elect Trump will streamline his statements into actual policy proposals, it is relatively clear early on that the estate tax could be terminated. He has vowed numerous times across the course of his campaign to eliminate the estate tax and would instead enact capital gains taxes when somebody passes away.
Paul Ryan’s plan, however, eliminates both gift taxes and estate taxes but the Trump camp has not given any more details about their formal proposal for gift taxes. No matter what happens, it looks like significant changes could be coming down the pipe with regard to estate taxes. Working with an experienced and knowledgeable estate planning attorney who can help you adjust your plans and strategize for your individual needs is important.
Stay tuned over the next couple of months to find out more about why this is a good time to set up a meeting with an estate planning lawyer to talk options. Having someone you already trust is a great way to be able to adapt to changes quickly. A Pasadena estate planning attorney is here to help.
