House Bill 1301

New House Bill H.R.1301 has been introduced in Congress, proposing the elimination of estate and generation-skipping transfer taxes. This bill, if passed, would completely change the estate planning for individuals with taxable estates.

Key Points of the Bill:

• Elimination of Estate Taxes: The bill aims to repeal the federal estate tax, which is currently levied on inherited property valued above $13.99 million.
• Legislative Process: It is important to note that this bill will likely undergo many revisions and may face significant hurdles before becoming law. Consequently, it is uncertain if and when these changes might take effect.

Given the uncertainties of this proposed legislation, we strongly advise against postponing your estate planning. It’s better to engage in proactive estate planning, regardless of legislative outcomes. Even if H.R. 1301 passes, future legislation could repeal the law, as happened in 2010 when the estate tax was temporarily phased out.

We will continue to monitor the progress of this bill and keep you updated on any developments. We recommend reviewing your current estate plan to understand how this proposed legislation might affect you. Please reach out to your trusted advisor at Pease Bell, CPAs for tailored advice.