It's August of an election---year, and not just any election---year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right that nothing in life is more certain than death and taxes, long experience has taught us that even death and taxes change with time.For example, as medical science improves, our collective life expectancies get longer. Taxes, though, just seem to increase and become more complex whether the changes ar initiated politically (following turnover in elected offices) or administratively (by the IRS). Both types of changes are being proposed this year and therefore, both deserve our attention. Especially since each of the proposed changes will have a significant impact on existing estate plans, so much so that many family businesses and their owners should already begin planning how they intend to react to such changes.
The Candidates' Positions On Estate Taxes. If the only difference between the candidates was their position on estate taxes, the weekly poll results might be different. Mr. Trump is clear estate tax adverse. He has made it clear that he believes that all so---called "death taxes," including their cousin, the gift tax, should be eliminated. If adopted, Mr. Trump's proposal will put much more focus on income tax planning while simultaneously making the preparation of wills andother testamentary documents much simpler.
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