Taxes

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Another Day, Another Estate Tax Repeal…

Most clients have seen press reports about current tax proposals in Congress that promise significant changes to the taxation of individuals and businesses. H.R. 1, titled the “Tax Cuts and Jobs Act,” was introduced to Congress on November 2nd and is in the early stages of its legislative journey through the House of Representatives and the Senate. Prospects for the adoption of all, some or any of its current components is unclear at this point. One of the elements of H.R. 1 in its current form is a future repeal of the Federal estate tax. Specifically, the following changes would be made to the estate and gift tax system in the U.S. as it currently stands: • Beginning January 1, 2018, the amount which

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