• Our Firm
  • Areas of Practice
    • Estate Planning
    • Probate & Trust Administration
    • Private Client Services
    • Corporate & Business Administration
    • Real Estate Services
  • Attorneys & Paralegals
    • Robin A. Lloyd, Sr., J.D.
    • Emily Helmick, Esq.
    • Brenda Lloyd, CP, FRP
    • Tiffany Coleman
  • News
  • Community
  • Contact

Call us 772-234-5500

Find us on Map
info@rlloydlaw.com
Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
  • Our Firm
  • Areas of Practice
    • Estate Planning
    • Probate & Trust Administration
    • Private Client Services
    • Corporate & Business Administration
    • Real Estate Services
  • Attorneys & Paralegals
    • Robin A. Lloyd, Sr., J.D.
    • Emily Helmick, Esq.
    • Brenda Lloyd, CP, FRP
    • Tiffany Coleman
  • News
  • Community
  • Contact

Estate Tax Repeal Back in the Tax Reform Picture

Estate Tax Repeal Back in the Tax Reform Picture

October 3, 2017 Posted by RLA News and Press

 

As quickly as Estate Tax Repeal faded off the tax reform radar a few months ago, it came flying back into view about a week ago. On September 27, the GOP “Big Six” coalition, derived of members of the House Ways and Means Committee, the Senate Finance Committee, and the White House, released its Tax Reform Framework. The ever-diligent and incredibly impressive tax resource, the Tax Foundation, released a copy of the Big Six’s actual Framework, and it can be viewed here.

The Framework proposes a moderate decrease in Individual rates, and a significant decrease in Corporate rates in order to spur corporate and job growth. A one-time repatriation tax on offshore earnings is also proposed, which will further help the growth model on which the Framework is based.

However, at the end of the linked-to document above, the Framework inconspicuously proposes to repeal the Estate and Generation Skipping Transfer Taxes without any more detail than is mentioned here. Presumably, the Gift Tax will remain in place so as to deter income shifting. However, the Framework’s proposals beg the question; what will happen to the step-up in basis under Internal Revenue Code Section 1014? Could it be possible that the Estate and GST Taxes are repealed AND the step-up remains in place? Because of the obvious windfall, this author thinks not, but it will be interesting to see how this Framework progresses through the legislative process.

If you have any questions regarding your estate plan, your taxes, or any real estate or business transactions, please do not hesitate to reach out to our office for a consultation: (772) 234-5500, bhorner@rlloydlaw.com.

Tags: articlesbeneficiariesBusinesscongressestate planningestate taxestate tax repealGiftshigh income taxlegalTaxtax lawtax ratestax reformtrustTuesday TipsWealth Management
0
Share

You also might be interested in

The Effect of the SECURE Act on Your IRA

Jun 16, 2020

Have you checked to see what effect the SECURE Act[...]

Newly Enacted Florida Trust Laws

Aug 24, 2021

Selecting a Trustee for your Trust is an important consideration.[...]

Real Estate Capital Gains by Robin A. Lloyd, Sr., J.D.

Jun 19, 2018

To accurately calculate real estate capital gains, always keep track[...]

Leave a Reply

Your email is safe with us.
Cancel Reply

Contact Us

We're currently offline. Send us an email and we'll get back to you, asap.

Send Message
Let Us Consult You | Call 772.234.5500

Our Firm

Robin Lloyd & Associates, P.A. is an established firm handling the legal needs of Vero Beach since July of 1990. Robin A. Lloyd, Sr., a Vietnam War veteran, founded the Firm after practicing as a Partner in the Vero Beach office of a 55-laywer firm headquartered in West Palm Beach since 1974. The Firm represents many Clients, including high wealth individuals, and focuses on several different areas of law including, but not limited to: Estate Planning, Probate, Guardianship, Trust Administration, Real Estate, all areas of Taxation, and Business Law.

Contact Us

  • Robin Lloyd & Associates, PA
  • 5089 Highway AIA, Vero Beach, Florida 32963
  • 772.234.5500
  • info@rlloydlaw.com

Get Social

© 2022 · Robin Lloyd & Associates. Site by Squared Studios. | Privacy Policy

Prev Next