The comprehensive plan by President Barack Obama within the FY2016 budget includes significant tax changes, which will remove the availability of common estate and tax planning strategies. The plan suggests reducing the estate tax exemption to $3.5 million. Additionally the changes put the existence of GRATs, annual exclusion gifts, and generation-skipping trusts at risk.
See Ashlea Ebeling, Obama Budget Would Upend Estate Plans, Forbes, Feb. 5, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
