Proposed Changes to Estate Tax
The Biden Administration also proposed to increase gift, estate and GST tax rates from 40% to 45%. If that is not enough, they proposed to eliminate the “step-up” in bases for inherited assets exceeding $100,000 (excluding surviving spouses and charities).
The lifetime gift pendulum has swung from $600,000 per individual in 1997 to $11,700,000 in 2021 and the amount has changed every year. At a minimum, if no changes are made to the current laws, the exemption will decrease to $5,000,000 in 2026.
An even bigger concern is that these drastic proposed changes may apply retroactively, similar to what occurred with the Bill Clinton Omnibus Budget Reconciliation Act of 1993, which was signed into law in August of 1993 but applied provisions such as an increase gift and estate tax rate retroactively to January 1, 1993.
Given the current circumstances, now is the time to contact our office to discuss possible effects of the proposed tax changes on your estate and options for succession planning.
The legal information in this blog entry is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, nothing contained in this article is intended to create an attorney-client relationship with any reader. This article and website are made available by Waldron & Schneider for educational purposes only and to give basic information and a general understanding of the law, not to provide specific legal advice. By using this website you understand that there is no attorney client relationship between you and Waldron & Schneider. The article and website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. For more information or questions you can contact us and one of our attorneys will be in touch soon.
Partners Kimberly Bartley and Vanessa J. Maduzia attend the Second Chance Pets Gala where Waldron & Schneider, PLLC was a proud sponsor.
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Despite being a cloudy day, the staff of Waldron & Schneider had a great time viewing the eclipse in between the clouds with their solar eclipse viewing glasses.
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Associate attorney Collin Bullard writes about post marital agreements in his blog.
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Post-marital agreements may additionally be referred to as postnuptial, partition, or exchange agreements, depending upon the source.0 CommentsComment on Facebook
Associate Attorney Collin Bullard writes about enforcement of an unwritten contract in his blog.
Enforcement of an Unwritten Contract
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Under Texas law, these “oral contracts” are enforceable with the same legal requirements as a physical contract.0 CommentsComment on Facebook
Waldron & Schneider, in conjunction with Royal Harbor Partners, would like to extend an invitation to an Election Year Investor Symposium to be held at the University of Houston-Clear Lake on March 27th at 6:00 p.m..
The event is free but space is limited. You can RSVP by using the QR Code on the event flyer or by clicking in the link provided.
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