A new bill working its way through Congress could change current estate planning rules and dramatically shift estate planning standards as early as Jan. 1, 2022.
On Sept. 15, 2021, the House Ways and Means Committee introduced a new bill titled "Infrastructure Financing and Community Development" that would, among many other changes, reduce the increased Estate Tax and Gift Tax Exemption to half of the exemption allowed in the 2017 Tax Cut and Jobs Act ("TCJA").
The proposed bill would decrease the existing Estate and Gift Tax exemption amount from $10 million to approximately $5 million effective Jan. 1, 2022, rather than Jan. 1, 2026, which was the existing date the TCJA exemption was set to sunset.
The change in date to four years earlier than the previously planned reduction of the Estate and...
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