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April/May 2021 » What to Do About Estate Planning...
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Martin M. Shenkman, JD, CPA, PFS, AEP
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing what the political future held for the estate tax. Now that the Democrats have control over the House, Senate, and White House, 2021 will cause another rush to plan. Those who were worried may be further concerned by a recent tax proposal. On March 25, 2021, Senator Bernie Sanders (Vt.) introduced a new estate tax bill, the “For the 99.5 Percent Act,” the Sensible Tax and Equity Promotion (STEP) Act, and other proposals. Estate planners should caution clients about some of the dramatic potential changes and advise them to evaluate their estate planning immediately.
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