What Trump’s Tax Plan Means for Texas Estate Planning

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

Our advice:

  • 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!

Link to article: https://www.fa-mag.com/news/what-your-hnw-clients-should-do-in-response-to-trump-s-tax-plan-34964.html

Posted in Legal Tips Today - Travis Weaver and tagged , , , .