What’s In the New Proposed Tax Bill?

It’s the moment we’ve been waiting for all year! On Monday, September 13, 2021, the House Ways and Means Committee released their proposed tax changes. It’s a lengthy proposal–881 pages long to be exact–and it still has a way to go before Congress votes on it, but this is the first real insight we are getting into what tax changes may be implemented this year.

On this week’s episode of the Wealth & Law Podcast, Brent and Rachel highlight some of the key proposed changes to the estate planning rules. They get into changes to the federal estate and gift tax exemptions, grantor trust rules, and valuations of family businesses. They explain what the current law is, how the proposal would change the law, and what this could mean for end-of-year planning. While many of the proposed changes would not take effect until next year, there are quite a few that would be effective on the enactment date–which could possibly be in the next couple of weeks.

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