Bernie Sanders Proposes Estate Tax Hike, Elder Law Attorney, Woodstock, GA

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.”

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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!

- Kerri

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.

- Charlotte

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.

- Pierce