There have been recent proposals from various U.S. senators that would completely overhaul the estate tax laws. Below is a brief summary of each bill: For the 99.5 Percent Act This bill proposed by Bernie Sanders would decrease the federal estate tax exemption to $3.5 million and there would be […]
The President has proposed many changes to income (individual and corporate) and transfer (estate and gift) taxes. Biden has expressed general support for repeal of the Tax Cuts and Jobs Act of 2017 (TCJA), but he hasn’t specified exactly what he means by this support. For purposes of this discussion, we will take a look at the Democratic proposals that, if implemented, are most likely to have an adverse impact on our clients.
The “Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) in December 2019, introduced a number of new rules and provisions that have a significant impact on retirement and estate planning for individuals with tax-deferred retirement accounts, such as an IRA or 401(k). As a result, the new […]