Forbes recently published an updated look into the proposed GOP tax reform which, among other things, seeks to repeal and death tax. Currently set at 5.49 million per person (portability allows this to double), the estate tax only affects about one percent (1%) of the U.S. population. This new tax reform seeks to lower the highest tax rate as well as reduce the top tax rate on trade or business income. As with all tax reform proposals, take this one with a grain of salt.
If anything was to change regarding the estate tax or laws that might affect you, rest assured, that the Weaver Firm will let you know. Yet another reason to stay up to date on our latest legal tips. For even more information, join our newsletter here.