The first thing to consider is that President-elect Trump made many proposals to cut taxes while campaigning. Some economists have suggested that all of his numbers do not add up and his tax cutting proposals would add an unsustainable amount to the deficit. Trump disputes these claims, but some congressional Republicans could seek to reduce the amount of tax cuts if they are convinced by the economists.

Another thing to keep in mind is that the Republicans do not have a filibuster proof majority in the Senate. Due to the quirks in Senate rules, it is possible for tax cuts to be passed in a way that cannot be filibustered. However, Republicans may be wary of doing so if they can get Senate Democrats to cooperate on other issues for which they cannot avoid a filibuster.

An estate planning attorney can guide you to a plan that will fit your unique circumstances as well as the laws of the land.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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