To our friends who are tax and estate planning professionals, we hope you are doing well – and enjoying the fall weather. I attended an in-person breakfast event yesterday hosted by East King County Estate Planning Council. It was great to see old faces and catch up in person. Oh, and the speaker was excellent, too. Craig Janes of Deloitte gave us a federal tax update with humor and wisdom. I got a lot out of it, and I bet you would have, too. (Let me know if you’re interested in attending future meetings. You can invite yourself as my guest.) Since a recording of Mr. Janes’s informative and entertaining talk isn’t available, I thought I’d do the next best thing and share a few tax-related articles you might find interesting.
Analyzing Biden’s New “American Families Plan” Tax Proposal, Jeffrey Levine, Nerd’s Eye View
Reconciliation Bill Tax Provisions: Overview and What’s to Come, KPMG Tax (registration required)
Reconciliation Bill Tax Provisions: Implications for Asset Management, KPMG Tax (registration required)
Personal Planning Strategies - September 2021, Nathaniel Birdsall, JDSupra
You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. The purpose of this newsletter is to provide our top thoughts for planning now while the current law is still in effect.
A New Feudalism: Selfish Genes, Great Wealth and the Rise of the Dynastic Family Trust, Eric A. Kades
Today’s record levels of economic inequality are infecting our future as the top 0.01% bequest vast wealth to their descendants. With the death of the Rule Against Perpetuities (RAP), this inequality has the potential to harden social class lines not just for a generation or two but forever. Although it may sound implausible, interviews with estate lawyers serving very high net worth clients reveal that some of the wealthiest tier of testators are already exploiting the RAP’s elimination, along with a tax loophole, to establish dynasty trusts that will financially empower their bloodline as long as it continues.
Ways and Means releases list of tax provisions for budget bill, Alistair M. Nevius, The Tax Advisor
The House Ways and Means Committee on Monday released legislative text for proposed tax changes to be incorporated in the budget reconciliation bill known as the "Build America Back Better" act. The committee plans to mark up the bill on Tuesday and Wednesday. The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code. Here are highlights of the proposed changes.
Individual Tax Update, David R. Baldwin, et al, The Tax Advisor
We do not provide legal or tax advice. You should consult their own legal or tax advisor. This information is intended for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services.
Cultivant team &