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

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.

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