Barrack Obama

A couple weeks ago on April 10, President Obama released his budget proposal for 2014. Although the proposal largely focused on areas such as military spending, education, Social Security and health care, hidden between the lines of the 244 page document were some important implications for estate planning.

Have you been tracking the budget battle storm clouds? Estate planning attorneys are keeping a wary eye cast in the direction of the President’s budget proposal. It targets a number of important estate planning techniques.

Forbes has been watching the various budget proposals with great interest and provided a helpful summary in an article titled “Obama’s Budget Proposal: The Impact On Estate Planning Tools.

Essentially, this is a crib sheet list of the techniques presently in the crosshairs:

  • High value IRAs of over $3 million
  • Generation Skipping Transfer Trusts
  • Dynasty Trusts
  • Grantor Retained Annuity Trusts (GRATs)
  • Intentionally Defective Grantor Trusts (IDGTs)

Click over to the article for an overview of the techniques, along with examples of their estate planning applications.

If your current estate plan already includes one or more of these techniques, then any change could impact you, your loved ones and your assets in a significant way. This would be a good time to schedule a review consultation with your own estate planning attorney.

For more information, please visit my estate planning website.

Do You Need To Speak With An Attorney About Estate Planning?

If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.

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