On Monday September 13, the House of Representatives introduced almost 900 pages of proposed legislation that if enacted will create sweeping changes to our Estate and Gift Tax system. While changes are still anticipated as the bill works its way through the House and Senate, it is clear that change is on the horizon.
In addition to increased tax rates, it is anticipated that Estate and Gift Tax limits will “sunset” at the end of 2021. This likely means the available exemptions will be cut in half, potentially subjecting many to estate tax liability. There are still many unknowns, fortunately, there is still time for planning.
The best thing you can do is plan and educate. The coming months are a great opportunity to review your existing estate plan with your legal, tax and financial advisors. If you have a plan in process, now is a great time to finish your planning. If you have not started planning – it’s the perfect time to start getting your information organized and discussing your options to protect your hard earned assets.
Contact attorney Sarah Geltz of the Kendrick Law Group with any questions you may have and to review potential avenues for further estate planning.