With the election of Donald Trump as the 45th President of the United States, the prospect of tax reform, and specifically repeal of the Federal estate tax has become more plausible. Repeal of the Federal estate and generation-skipping transfer tax was part of the “Blueprint” for tax reform announced by Republicans in June 2016. Predicting what will happen, when it will happen, and what form it will take are difficult. If repeal occurs: Will repeal happen all at once, or be phased in? Will the gift tax also be repealed? Will repeal be “permanent?” Or will it “sunset,” much like… Read more
Tag: federal estate tax
The Importance of Reviewing Your Will
Many people neglect to review their Wills, which often can have devastating results. We have advised clients that have found themselves in unfortunate situations and needed legal advice and counsel to deal with the consequences of an outdated will. Recounting a recent experience – When did I last review my Will? 1997. Yes, I remember it was when we sold the house and moved into Manhattan. The house sold for what then seemed like a huge sum so my husband and I decided that if anything happened to either of us there was enough money for the survivor of us… Read more