27
September
0
Comments
Proposed Spending Bill: The Good, the Bad, and the Ugly Effects on Estate Planning
in News
The "Infrastructure Financing and Community Development" bill making its way through Congress seeks to reduce the lifetime Estate and Gift tax exclusionary amount from $11.7 million to $5 million and to attack the grantor trust type of arrangements. That’s the bad. The good news is that some other provisions thought to be included in the Infrastructure Financing and Community Development bill were excluded, including: Capital gains tax on death: earlier proposals suggested that to receive a step up in basis on appreciated assets, the donor would have had to pay the capital gains tax on the appreciation of the assets held by the donor at death. Capital gains tax on transfers to trusts: taxing the built-in...
Continue reading