In light of the current situation, we are offering our clients the opportunity to meet with us virtually, rather than in-person. Please click here to contact us or call 800-756-5596 to schedule your appointment
Our phone lines are currently down, please use 323-391-4162 as an alternative number. Thank you.

Make Informed Decisions
About Your & Your Loved Ones' Futures
Based On Experienced Advice

~|chevron-down~|font-awesome~|solid

Tax Plan May Retain Massive Wealth Transfers

| Nov 30, 2017 | Heirs, Inheritance |

GOP plan supports easy transfer of wealth generation after generation.

Republicans in the House of Representatives have proposed a tax plan that allows a continued transfer of wealth between generations, according to the Wills, Trusts & Estates Prof Blog in “Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death.”

The proposal would eliminate the estate tax entirely. However, it would keep the step-up basis for capital gains.

This would let the wealthy to pass assets on to later generations of their family tax free and allow for a greater concentration of wealth.

The plan also proposes to keep the depreciation deduction for rental property.

Categories

Archives