No one has a crystal ball, but that does not mean we should not keep our eyes and ears open. Given the drama surrounding the 2016 presidential election, there is one certainty…there could be some MAJOR changes in the federal estate tax regardless of who wins the election. Mr. Trump’s plan proposes to nearly eliminate the federal estate tax (taxing only capital gains held on the date of death over $10 million) whereas Mrs. Clinton’s plan proposes to restore the federal estate tax to 2009 level (a $3.5 million exemption) with an increase in the tax rate. I have been asked on multiple occasions how a change such as this would affect “Portability” under the 2013 American Taxpayer Relief Act.
1700 Hits