Obama Budget Would Upend Estate Plans

Just when you thought the estate tax laws were permanent, President Barack Obama comes out with a comprehensive plan for changes that would take away many strategies that save wealthy families taxes. GRATs, annual exclusion gifts, generation-skipping trusts, you name it, it’s on the list of tax-saving strategies under attack in the FY2016 budget. And the bigger picture: President Obama wants to turn the clock back to 2009 when the estate tax exemption was $3.5 million per person, the lifetime gift/GST exemptions were just $1 million per person, and the top tax rate was 45%.

From Forbes or more click HERE

 

David Wingate is an elder law attorney and practices in Frederick and Montgomery Counties, Maryland. His practice includes wills, power of attorneys, trusts, asset protection and Medicaid.

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