Trump administration and GOP moving toward tax reform, including eliminating estate tax.
There are many tax reform possibilities as President Trump and Congress look to the future. However, a complete repeal of the estate tax is included in the framework tax reform, according to Forbes in “Trump GOP Tax Reform Framework Calls For Estate Tax Repeal.”
Despite including a repeal of the estate tax, the framework is silent on the gift tax. This tax normally goes hand in hand with the estate tax.
If the ideas in the framework were eventually to become law, that would mean pre-death transfers could still be taxed, while post-death transfers to the exact same people would not be.
Of course, releasing a framework for reform is not the same as passing legislation.
This Congress is not known for moving quickly, so tax reform is most likely still a long way off.
Reference: Forbes (Sep. 27, 2017) “Trump GOP Tax Reform Framework Calls For Estate Tax Repeal.”
For more information on tax planning and estate planning, please visit my estate planning website.
