At this point, it is impossible to say whether the estate tax will be repealed.
It is clear that President Trump would like to do so and that Congressional Republicans are generally in agreement with that.
However, any estate tax repeal would come out of a larger tax reform or tax cut package.
To reach an agreement, the President and Republicans will likely need to drop some of their plans, especially if they need Democratic votes to pass the final legislation.
With estate tax repeal being an issue, people are beginning to discuss what it might mean.
Some are pointing out that it could hurt charities, as Financial Advisor reports in “Estate Tax Repeal Could Cost Charities, Attorney Says.”
One of the many methods that wealthy people use to shrink the size of their estates below the estate tax exemption, is to give some wealth away to charities.
The fear is that, without the need to shrink the size of their estates, the wealthy will stop giving.
The obvious counter to this is that the estate tax is not the only reason wealthy people give to charities, or even the primary reason. They give because they believe in being charitable and the estate tax is just an extra, but unnecessary incentive.
It is expected that this and other discussions about the estate tax will continue, as legislation makes its way through Congress in what is expected to be a very long process.
Reference: Financial Advisor (Sep. 11, 2017) “Estate Tax Repeal Could Cost Charities, Attorney Says.”
“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.”
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.
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!
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.
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.