Blog for John Sweeney - Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Lawyer in CT and NY

Estate, Gift and Retirement Taxes in the new Bill

Posted by John Sweeney | Nov 07, 2017 | 0 Comments

The first shot has been fired in the Tax Wars.  In the Republican's new bill, two items are relevant to Estates and Trusts.  

First, the estate tax is repealed effective 12-31-23.  The exclusion is doubled until then to $10M per person ($11.2M adjusted for inflation).   Second, there are no changes to the current Retirement Account provisions.

The changes to the Estate tax also eliminate the Generation Skipping Taxes.  Notable, the repeal of the Estate Tax does not have a provision subjecting the assets to income tax on their appreciation and it still gives a full step up in basis to FMV.  The gift tax remains in place with the adjusted exclusions at a 35% rate.  

We should expect changes in these provisions before a final bill is approved.

About the Author

John Sweeney

John is an experienced lawyer who helps you solve your problems. He practices Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Law in Fairfield County CT and Westchester County New York. He brings a wealth of experience in law, business, tax, insurance, and finance to arrive at practical solutions with compassion and care. Honest, direct and practical, he is focused on you and your problems. He also brings a wealth of personal experience from his own large family and aging parents.

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Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.

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