The biggest issue for business owners is that the double taxation makes it more likely that the business or portions of it will have to be sold to pay the taxes. Congress has acted on this problem and is now seriously considering repealing the estate tax to ease the burden on business owners.
While it is still too soon to know what will happen with these tax proposals, you should monitor their progress. Whatever the outcome, many estate plans will need to be adapted for the new laws.
Contact your estate planning attorney and make sure your estate plan is updated accordingly.
