Planning In Times of Uncertainty

Uncertainty remains the case for 2022 regarding estate planning. Until the end of 2021, all the media could talk about was what changes Congress would enact. The latest reiteration of proposed changes to tax law has little to do with estate planning. However, this does not mean that Congress won't try again until the midterms and enact tax law changes to raise revenue for proposed Democratic programs. It would be easy to slip a legislative provision into a bill.

There are proposed income tax surcharges designated for high-income taxpayers - 5% on income over $10 million and an additional 3% on income over $25 million. This 5% surcharge will also be applied to trust income over $200K, which could have an unexpected impact on how non-grantor trusts are managed.

No one can predict with certainty what Congress will do. The Altman team has always recommended that if you have an estate plan but have not had it reviewed in the past four years, you make an appointment to do so. Alternatively, if you've been holding off doing your estate planning, we urge you to move forward - regardless of what happens with the tax law. A proper estate plan can ensure that your wishes will be respected and go a long way in preserving harmony among your beneficiaries. You will have more peace of mind and comfort knowing that it's done. Contact us for a confidential meeting to discuss the range of services we offer.

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