Estate Planning in an Uncertain Environment
Uncertainty is good – but a challenge. And even though we felt things were uncertain in prior years, the transfer tax landscape is arguably more in flux today than it has been in decades. Not only are we awaiting Congressional action on the 2017 tax cuts – which could extend the bonus exemption that will otherwise expire at year end – proposals in Washington would repeal the federal estate tax (but not the gift tax) yet continue to permit the income tax-free step-up in basis at death. There is no way to know when any clarity could arrive, in the form of more proposed (or actually passed) legislation. In the interim, estate planners still must recommend actions to their clients but without the benefit of a crystal ball.
