Attached, please find a timely article on the changes to the tax laws and how they might affect your Estate Planning.
Here are some highlights:
- repeal of Estate Tax (death tax)
- yes, the death tax is once again being threatened to within an inch of its life. While I doubt, the 5.5 million dollar exemption goes away, be on the lookout for changes in the future.
- no mention of gift tax staying or going . . . limit is $14,000 a year per person still
- cost basis at death is also strangely unmentioned. Perhaps you will keep a step-up in basis and perhaps not
- update Power of Attorneys to allow for gifting powers
- update Estate Planning documents for 2017 changes in language and law
- keep investing wisely and saving so you can eventually take advantage of no Estate tax in the future!