Celaya Law keeps up to date with what is going on, on both the local and federal level. Your Estate Planning attorney at Celaya Law can help answer questions about what new bills have been passed or on their way to review that might cause big Changes. Below is just one current change that is coming:
With a new administration comes new proposed tax changes. One of the biggest changes that may take place with this next administration is with the federal estate tax provisions.
On September 13, 2021, a tax bill was sent to the House Ways and Means Committee that included provisions to reduce the federal estate tax. The bill included language to reduce the unified credit. Specifically, the language reflected the unified credit against estate and gift taxes would be reduced to the 2010 level of $5,000,000 per individual. This would be effective for estates after December 31, 2022. Currently, the federal estate tax applies to assets over $11.7 million. If this proposed tax change did occur, it would have a significant impact on individuals’ estate plans.
While this is a proposal and not yet signed into law, it does reflect the intent of the committee; therefore, every person should have their estate plans reviewed to ensure it is up to date. Contact Celaya Law, to have your current estate plan reviewed.