Tuesday, January 30, 2018
It seems like many estate planners are not overly concerned with the increase in the estate and gift tax exemption thresholds. In a survey conducted by Trusts & Estates in preparation for the Heckerling Institute on Estate Planning, almost two-thirds of the 1,000 who responded said they were either not worried or worried only a little about the potential effects of tax reform on their practice. A little under half expect modest changes while 52% are expecting little or no change at all. A possible explanation for this seemingly nonchalant attitude may be that many in the field do not expect the exemptions to last very long. 75.3% believe changes to the estate tax are impermanent and 82.6% think the same of the gift tax. There is some anticipation of growth in the tax arena though, with 45.8% expecting to see an increase in this part of their practice.
See Susan R. Lipp, Will High Estate Tax Exemptions Mean Less Planning?, Wealth Management.com, January 22, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.