In September, the House of Representatives published proposed changes to tax laws and regulations. If your estate is currently valued at more than $5.5 million (for individuals) or $11 million (for married couples) or if you’re considering setting up a trust, we may recommend that you act before the end of the year because of some of the proposed changes.
What has happened:
While nothing is final, there are a few items that are likely to affect our clients:
So far, no change has been proposed to the step-up in basis upon death.
We expect additional changes to the proposed legislation and will provide more information when it becomes available.
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Disclaimer: Materials prepared by JM LAW, PLLC are for general informational purposes only. Educational material does not create an attorney-client relationship and is not an offer to represent you. You should not act or refrain from acting based on information provided.