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Proposed Changes to Federal Tax Code Affecting Tax and Wealth Management Clients

On October 12, 2021 by Schnader in Trusts and Estates

Erica Howard-Potter and George M. Riter, Jr. published a client alert, “Proposed Changes to Federal Tax Code Affecting Tax and Wealth Management Clients.”

On September 13, 2021, the U.S. House Ways and Means Committee (the “Committee”) released a draft of proposed changes to the federal tax code, including significant changes affecting trusts, estates, gifts and tax rates, among other proposals. The most relevant of these modifications are outlined below. Individuals are likely to need prompt legal assistance to make appropriate adjustments in response to these expected changes.

Many of the proposed changes will become effective immediately upon the Committee’s proposal being enacted into law. For example, many of the changes under consideration would affect individuals who are contemplating utilizing their existing exemptions in 2021.

Click here to read the full alert.