State of the Union to Propose Stealth Increase of Estate Taxes

whitehouse_historypg

The Wall Street Journal and numerous other media outlets are reporting that the State of the Union address on Tuesday will outline a proposal by the President to effectively increase estate taxes.  In the proposal, appreciated assets in an estate would not receive an updated or “stepped up” tax basis on death.  Only a small amount of gains suggested as $200,000 in portfolio assets and $500,000 in a primary residence would be shielded from tax.  Although these numbers may seem large, ask many families what their tax-cost basis is in desirable places to live, such as Silicon Valley and other parts of California, and you will see that this proposal would capture many more families with a taxable event on death even without a formal change to the estate tax rules.  There are many estate planning strategies that can help families facing estate tax burdens.  Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization.  Please call Alliance at 775-297-4000 for more information.

Want us to give you a call?

Let our experienced team help you with your trust needs

By providing my phone number to “Alliance Trust Company, LLC”, I agree and acknowledge that “Alliance Trust Company, LLC” may send text messages to my wireless phone number for any purpose. Message and data rates may apply. We will only send one SMS as a reply to you, and you will be able to opt out by replying “STOP”. For more information on how your data will be handled please visit https://alliancetrustcompany.com/privacy-policy