Significant tax reform is likely on the horizon, and such tax reform will not eliminate the need for careful estate planning. There is a global precedent for the removal of an estate tax, and residents of other regions with carryover basis still benefit and require estate planning services. Canada serves as one example of what the proposed tax reform may look like in the U.S., which could mean the implementation of a new capital gains tax at death concurrently with the elimination of the estate tax. The uncertainty regarding the future of tax law in the U.S. upholds the need for careful planning, guidance and flexibility within the estate plans of wealthy Americans.
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