Compared to the late 1990s, the new Trump gift and estate tax laws are superb and protect family businesses, farms, couples, single parents, and families with many children and grandchildren. After a review of the new tax law, it must be said that at this time, estate tax is not a problem for most folks unless you are very wealthy.
This new tax law helps protect families and children of means from becoming dependent upon society and taxpayers. In the past, the gift and estate taxes could virtually bankrupt a family farm or business while the children and grandchildren would then become dependent upon public assistance. These new laws help families pay for their own education, health, and housing and allows existing companies to maintain continuity.
However, the new tax law is a temporary law which gives rise to the strategic gifting opportunities. More on this in the next Blog.