Insights
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At the time of our September Estate Planning Update, the House Ways and Means Committee's proposed language for the Build Back Better Act included several changes that impacted estate planning, including a reduction in the federal lifetime gift and estate tax exemption to be effective in 2022 and changes impacting grantor trusts.
Those provisions were removed from the House bill in late October. As we go to press in early December, it appears that this year's budget reconciliation bill will not contain provisions affecting the gift and estate tax exemption or rates or changing the treatment of grantor trusts. Things could always change, of course.
Please contact your Day Pitney estate planning attorney if you have questions about how the proposed legislation may impact your planning.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.
