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%.
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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.