Trump's Proposal - Repeal of the estate tax

 

A recent New York Times article cited to president elect Donald J. Trump's campaign proposal to repeal the estate tax - what is referred to by some as the "death tax."  The article can be read in full by clicking below:

http://www.nytimes.com/2016/11/12/your-money/trump-changes-tax-codes-may-encourage-dynastic-wealth.html?_r=0

Interestingly enough, as the article points out, the existing estate tax only affects about 1% of the population - in other words 99% of the population is exempt under the existing format.  Nonetheless, a repeal of the estate tax could likely lead to promoting "dynastic" wealth by allowing generations to inherit large sums free of tax consequences (at least on the federal level - some states have "inheritance" taxes).  

If you are a person with an existing estate plan or one who is interested in estate planning, then it is a good idea to talk to your estate planning attorney and CPA about the pros and cons of the Trump plan and how implementation of a repeal could affect you and your family.