Talk of Estate & Gift Tax increases has persisted throughout the year. Now, faced with the task of raising revenue to pay for the proposed infrastructure bill, the House Ways and Means Committee has proposed several significant modifications to existing Estate & Gift Tax law, including the following:
The proposals, if passed into law, have the potential to substantially increase Estate & Gift Tax exposure for many people. Therefore, immediate action is required for the following:
Whether the proposals as described above will become law is uncertain. However, for some clients, waiting until legislation is passed may come at a significant cost. Contact a member of the Estate, Trust & Tax Group at Norris McLaughlin, P.A., as soon as possible to discuss how the proposals could affect your situation and determine whether immediate action is warranted.
Note: The contents of this letter are for informational purposes only and are not intended to constitute legal advice or form an attorney-client relationship. For information and advice particular to your situation, please contact one of the following attorneys in our Trust, Estate Practice Group: James J. Costello, Jr., Judith A. Harris. Copyright © 2021 Norris McLaughlin, P.A.
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