By Amy Lee Rosen (November 3, 2017, 6:55 PM EDT) -- As House Republicans move forward with legislation that would increase the estate tax exemption and eventually repeal the levy altogether, practitioners are advising clients to hold off on planning for the changes due to turbulent political winds and the controversial nature of the tax.
Under the Tax Cuts and Jobs Act, introduced Thursday by House Ways and Means Committee Chairman Kevin Brady, R-Texas, the estate tax exclusion would increase to $10 million starting in 2018 before the tax is completely repealed in 2024. The bill would also maintain the beneficiary's stepped-up basis in estate property after the tax goes away, meaning...
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