Michael Andrews, CPA, ABV, of Warren Averett’s Montgomery accounting and advisory office, recently wrote an article titled New Year, New Estate Tax Laws? (Reviewing the Past to Prepare for the Future) for the Montgomery Business Journal.
New Year, New Estate Tax Laws? (Reviewing the Past to Prepare for the Future) looked back at estate tax law proposals that circulated in 2021 and discussed potential changes in the future of estate tax law.
Andrews discussed different aspects of the proposed legislation, including how it would reduce the doubled estate, gift and generation-skipping tax examples for years after December 31, 2021. Ultimately, this would have accelerated the current estate tax exemption which is set to expire after December 31, 2025.
Other notable potential legislation changes included making assets of certain grantor trusts includible in a decedent’s estate and allowing valuation discounts for gifts of business interest to be applied only to operating businesses.
Although the proposed legislation did not pass, Andrews indicated that, “As uncertainty on legislation persists, it’s even more important to review your current estate plan to ensure all your applicable documents are up to date and consider any planning that may need to take place before any change in law occurs.”
Andrews joined Warren Averett in 2012, and he is a Senior Manager in the firm’s Estate and Trust Division. He has more than nine years of public accounting experience. He is primarily responsible for estate and trust compliance and planning, income tax compliance and planning for individuals and family-owned businesses, entity planning and providing valuation services for estate and transactional purposes.
Our firm’s estate and trust advisors help clients prepare for the future and potential estate tax legislation changes. They provide a comprehensive and personalized approach to estate planning, estate and income tax planning and compliance needs. Learn more about our firm’s Estate and Trust services.