President Trump Repeals the Estate Tax: Understanding President Trump’s Tax Plan in Plain English

What should probate lawyers know about President Trump’s tax plan? What happens if estate tax is repealed? What is estate tax? What could this mean for probate litigation lawyers and beneficiaries of large sums of money? President Trump has proposed a plan to repeal the estate tax. This means that there would be no transfer tax on a gratuitous transfer or a gift during life or at death. In other words, there would be no federal estate tax when you die. This would shield millions and billions of dollars from a tax that would be imposed right now if you had more than $5.4 million when you die. A September 13, 2017 article in The Washington Post reveals that the white house Republican leaders will announce promised tax cut details very soon.  To read the entire article, click here.