The Presidential election season is officially underway even though a primary election will not be held for another half a year. As in all recent election seasons, we can expect the candidates to come out with a position on the estate tax. Bernie Sanders announced his position recently.
Most political observers do not think that Bernie Sanders has much of a chance of beating out Hilary Clinton for the Democratic nomination for President. However, Sanders is expected to make some waves in the primaries.
Recently, in an effort to drum up some support, he proposed an increase to the federal estate tax.
Sanders would lower the exemption for a single person from the current $5 million (indexed for inflation) to $3.5 million. He would also increase the estate tax rate to 45% for some. He includes tiers that would have billion dollar estates paying 65% estate tax rates.
As part of this proposal, Sanders would also lower the gift tax exemption and close some loopholes that currently allow people to shelter assets from the estate tax.
Forbes reported this proposal in a recent article titled “Bernie Sanders Calls for 65% Top Estate Tax Rate.”
With Republican congressional efforts currently focused on eliminating the estate tax entirely, it is extremely unlikely that Sanders’ proposal will pass anytime soon.
Nevertheless, it is important to note that not everyone in Washington is in favor of repealing or reducing the estate tax. Consequently, efforts to do so face an uphill battle.
Those interested in the estate tax – particularly owners of family businesses, farms and ranches – will want to monitor the election to see what other candidates propose concerning the estate tax.
Reference: Forbes (June 25, 2015) “Bernie Sanders Calls for 65% Top Estate Tax Rate.”
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.
Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!
I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!