How the Trump Tax Proposals Might Affect Planning

On April 26, 2017, President Donald Trump presented the core principles of his proposal to significantly overhaul the Tax Code, including reducing individual tax brackets from seven to three, lowering corporate and individual tax deductions, and eliminating the alternative minimum tax. If key elements of the administration’s tax reform proposal were passed, what aspects of your wealth plan might be affected? While a wait-and-see approach may be most appropriate for any planning, it is important to continue to regularly review the tax and non-tax aspects of estate plans, irrespective of the status of President Trump’s current proposals.