The Bernie Sanders Estate Tax Proposal – Might it Foreshadow Future Democratic Proposals?

While one might dismiss these proposals as mere electioneering by Sanders, this proposal might be a glimpse as to what could occur if the Democrats control both congress and the presidency. Why should practitioners care? While there may currently be a Federal estate tax and gift tax exemption of $10 million inflation adjusted that does not mean practitioners should be unconcerned with planning for clients with lower level of value of assets than the current exemption. The Act proposes a dramatic reduction in the exemption and restriction or elimination of several of the most powerful planning tools in an estate planner’s arsenal.

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