Russ Cook & Associates, PC
view our Practice areas

Politicians exploring changes to estate tax

When people are doing their estate planning, one objective they may want to know more about is how to minimize tax obligations. Depending on where a person passes away, the value of his or her estate and the states in which he or she owns property, tax obligations can be something worth addressing.

This is particularly true for wealthy individuals, as they can be subject to tax laws because of the size of their estates. For instance, if your estate has prior taxable gifts and combined gross assets of $11.4 million, then it will be necessary to file a federal estate tax return. However, that amount could be changing dramatically in coming years.

Political propositions

The divisive political environment has given rise to multiple propositions on how to improve the economy. One particularly thorny issue politicians are targeting is the estate tax.

As this article notes, Sen. Bernie Sanders recently proposed dropping the limit for estates subject to estate tax from over $11 million to $3.5 million. These estates would be subject to a 45 percent tax. Estates worth more than $10 million would see a rate of 50 percent. And estates of more than $1 billion would see a 77 percent tax.

A very different proposition comes from leaders on the other side of the political aisle. Republication Sen. Mitch McConnell and others recently announced a plan to repeal the estate tax altogether.

Whether these or any other changes are actually made to the current federal estate tax remains to be seen.

Understanding your obligations

Tennessee is home to many successful entertainers, athletes, entrepreneurs and other high-profile individuals who could very well be affected by these and other proposed changes to estate tax laws. If you are among them, it can be wise to have legal guidance when it comes to making an estate plan.

With thoughtful direction and an understanding of state and federal tax laws, people can make informed decisions about their end-of-life plans.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying About Us

  • “Everyone we came in contact with was wonderful. The staff and Russ treated us like family at all times.”

    - June S.
  • “Being new to the area having moved from out of state, I was searching for an attorney to assist in elder estate planning for my mother. I was referred to Russ Cook & Associates and found the firm as a whole and Russ Cook himself to be very helpful and accommodating to my needs, as well as experienced and very knowledgeable on the matter I was seeking assistance. I would definitely recommend Russ Cook and Associates.”

    - Brad H.
  • “Mr. Cook and his staff were phenomenal to work with on my will. They are extremely professional and friendly and made the process seamless. They go above and beyond!”

    - Amber C.
  • “Russ took the time to answer my questions by email, so that I knew exactly what would take place when I visited his office and his time as well as mine was used efficiently. I appreciated his thoroughness and his professionalism, as well as that of his staff.”

    - JoAnn G.
  • “Overwhelmingly positive experience.”

    - Stephen W.
Email Us For A Response

Schedule An Initial Consultation Today

Contact us today to schedule a consultation by sending us an email or by calling 615-200-9117.
We assist clients throughout the Nashville area.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Brand Contact

5141 Virginia Way
Suite 220
Brentwood, TN 37027

Phone: 615-200-9117
Fax: 615-370-5938
Brentwood Law Office Map

Office Hours:
Monday: 8:00 AM – 4:30 PM
Tuesday: 8:00 AM – 4:30 PM
Wednesday: 8:00 AM – 4:30 PM
Thursday: 8:00 AM – 4:30 PM
Friday: 8:00 AM – 4:30 PM

Summer Hours Office:
8:00 AM - 1:00 PM on Fridays
May 24th Through August 30th

Map Image