Proposed Changes to Tax Laws Spur a Call to Action

Last week House Democrats proposed changes to the federal tax code that, if enacted, would dramatically shift the estate tax landscape, including the elimination of many common estate tax mitigation strategies. Although there are other tax-related changes in the proposal, this alert focuses on those most pertinent to estate planning. Of course, the legislative process is very much in flux and it is possible that these proposals may not be enacted in their current form. Still, there may well be limited time to act, and the potential consequences are significant enough to consider taking immediate steps.