On November 2, the House Ways and Means Committee released a draft tax reform bill known as the Tax Cuts and Jobs Act. The Senate Finance Committee followed on November 9 with its own outline for tax reform legislation. Both proposals contemplate significant changes to the gift, estate, and generation-skipping transfer (GST) tax laws. It is unclear how the two proposals will be reconciled, and if and when final legislation will be introduced. We have summarized below certain of the key provisions of these two proposals...