Adjusting Your Estate Plan Underneath Uncle Sam's Tax Hat

Second Half of Life Podcast

The U.S. House Ways and Means Committee released draft legislation on Sept. 13, 2021 that proposed a series of tax increases and tax cuts that could greatly affect certain parts of estate planning. In order to update our clients on the latest happenings within Congress, Attorney Julie Steinbacher recently conduced this virtual seminar to summarize these changes and how they could affect those that have already done at least some portions of an estate plan, although it can certainly apply to those that haven't started yet and are not our clients as well, which is why we're making this available to everyone now. Among the topics that are discussed are: what a reduction in gift, estate & generation-skipping transfer tax means for you & your family, grantor trust transfers & its impact on income tax, an elimination of grantor trust benefits & the need to pivot your portfolio, how to claim valuation discounts on nonbusiness assets and are they really being eliminated, and tax increases for high-income taxpayers.
Although we don’t know when the proposed legislation will be enacted or what the final form of the legislation will entail, we anticipate that some parts could be effective before the end of the year while others are scheduled to become effective January 1, 2022. While we continue to monitor the movement of this legislation as it works its way through the halls of Congress, we encourage you to watch this recording to stay informed on the latest law changes that could have a major impact on your family, home or business.
To schedule an initial consultation with our office, visit ChatwithSGY.com or call 1-800-351-8334.
To view a video of this presentation, complete with PowerPoint slides, visit our YouTube channel.