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Spotlight on various estate tax scenarios

A financial writer notes in a recent Forbes article that some estate planning commentators are improperly focused on the potentiality of what is termed a “wealth tax” for the nation’s richest individuals and families.

Ashlea Ebeling states that they might more reasonably focus upon suggestions and corresponding adjustments to the country’s laws governing estate taxes.

That subject matter is of course instantly relevant to an experienced estate planning attorney, especially one who is also credentialed as a certified public accountant.

That integrated background centrally defines the principal attorney at the Bay Area Law Offices of Connie Yi. As noted on the firm’s website, Connie Yi’s practiced advice and diligent representation helps “build comprehensive estate plans that reduce client’s current income tax liabilities and future gift and estate taxes.”

Ebeling notes that such concerns are broadly applicable for many estate planners, but especially relevant for uppermost-tier wealthy couples and families. Those planners -- understandably always vigilant when it comes to lawfully shielding wealth from federal and state tax bites – might want to be paying particularly close attention to tax-linked reports and discussions that are emerging now as the next presidential election grows nearer.

One common sound bite surrounds the above-cited wealth tax. That exaction would simply ding the uber-rich with what is essentially an annual penalty on their holdings.

Ebeling says that the wealth tax is a non-starter, both for the constitutional challenge it would raise and the undersized amount of revenue it would actually bring in.

She finds far more interesting candidates’ varying plans concerning proposed changes to current estate tax laws. The Trump administration doubled the estate exemption back in 2017, but only temporarily so. A material cut back is projected in 2026.

In the meantime, presidential frontrunners from Elizabeth Warren to Bernie Sanders are promoting adjustment plans that would material alter the status quo.

Readers of our blog having questions or concerns regarding current estate tax law, projected changes and/or planning strategies that might be reasonably pursued can contact the firm for timely and relevant information.

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