Now that Donald Trump has officially secured the presidency in the United States, it’s important to think about his proposed tax plan and what this would actually translate to for Americans.
One of the most important things to understand is that Trump has gone on the record multiple times discussing his desire to eliminate the estate tax.
Many other conservatives have also labeled this the ‘death tax’. Trump argues that he would enact taxes on capital gains but eliminate the current estate tax. Paul Ryan’s plan, however, abolishes both gift taxes and estate taxes. There has been no formal proposal as of yet established for gift taxes on behalf of president elect Trump.
One of the most important things to remember during this time of transition is that you should reach out to an experienced estate planning attorney to have all of your questions answered.
In the event that significant changes are made to the tax code and estate planning allowances within the United States, working with someone who you trust and who is knowledgeable about how these laws translate to your everyday life can make a big difference. Set up a meeting with a New Jersey estate planning lawyer today.