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Estate Tax Implications of the Presidential Election, Elder Law Attorney, Woodstock, GA


In all of the controversies surrounding this year’s presidential election the estate tax is receiving little attention even though some people believe the result could have major implications for the future of the tax.

The race for the White House is awash in controversy after controversy. Media coverage is dominated by private email servers, who is or is not acting Presidential, trade policy, responsibility for terrorists groups, suspected Russian hacking, and who should or should not be allowed in the country.

Most of the policy differences between the candidates tend to get lost in the noise.

There are real differences between Donald Trump and Hillary Clinton on policy and one of those differences is what to do with the estate tax.

New York Times columnist Paul Krugman in “Hair Meets Heirs” recently discussed how this election could have lasting ramifications for the future of the estate tax.

Donald Trump has proposed to abolish the estate tax entirely while Clinton is proposing to expand it. Krugman is a well-known liberal economist so it should not be surprising that he favors Clinton’s proposal and dismisses Trump’s.

The interesting thing about his opinion is not which side he favors. Instead, it is that he believes a large margin of victory for Hillary Clinton could open the door to Democrats being much more aggressive about the estate tax in the future.

America is very divided over the estate tax and that probably is not going to change anytime soon.

Whichever side you take in the debate, it is worthwhile to understand the differences between the presidential candidates and what the election could mean for the future of the estate tax.

Reference: New York Times (Aug. 10, 2016) “Hair Meets Heirs

 

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“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.”

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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!

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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.

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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.

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