{"id":1251,"date":"2015-03-13T09:40:51","date_gmt":"2015-03-13T17:40:51","guid":{"rendered":"http:\/\/ssslegalconsultancy.com\/?p=1251"},"modified":"2016-01-20T15:45:19","modified_gmt":"2016-01-20T23:45:19","slug":"presidents-budget-estate-plan-2","status":"publish","type":"post","link":"https:\/\/ssslegalconsultancy.com\/presidents-budget-estate-plan-2\/","title":{"rendered":"The President&#8217;s Budget and Your Estate Plan"},"content":{"rendered":"<p style=\"text-align: center;\"><strong> <a class=\"asset-img-link\" style=\"float: left;\" href=\"http:\/\/ssslegalconsultancy.typepad.com\/.a\/6a01b8d0a6271d970c01bb07ff1325970d-pi\"><img decoding=\"async\" class=\"asset  asset-image at-xid-6a01b8d0a6271d970c01bb07ff1325970d img-responsive\" style=\"margin: 0px 5px 5px 0px;\" title=\"MP900411753\" src=\"http:\/\/ssslegalconsultancy.typepad.com\/.a\/6a01b8d0a6271d970c01bb07ff1325970d-320wi\" alt=\"MP900411753\" \/><\/a><\/strong><em>If you have an estate plan, it is very important that you monitor the progress of President Obama&#8217;s latest budget. It could have major implications for your plan.<\/em><!--more--><\/p>\n<p>&nbsp;<\/p>\n<p>Now that President Obama has released the full details of his latest budget proposals and experts have had time to review them, details are emerging about some of the big changes that could be in store for wealthy families&#8217; estate plans if the budget proposals pass.<\/p>\n<p>&nbsp;<\/p>\n<p>Forbes has a complete rundown of the proposed changes in an article titled &#8220;Obama Budget Would Upend Estate Plans.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>While you will want to read the original article, here are some of the highlights:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Reducing the estate tax exemption to 2009 levels and increasing the top tax rate.<\/li>\n<li>Reducing the lifetime gift exemption.<\/li>\n<li>Placing restrictions on grantor retained annuity trusts.<\/li>\n<li>Eliminating the step-up basis on capital gains for heirs.<\/li>\n<\/ul>\n<p>&nbsp;<br \/>\nPresident Obama has also proposed a whole host of other tax changes designed to force wealthy individuals to pay more in taxes. While not all of the President&#8217;s proposals will pass Congress, many of them might.<\/p>\n<p>&nbsp;<\/p>\n<p>Consequently, it is very important that you pay attention to what these tax hikes might mean for your taxes and your estate plan. If the laws change, you may need to change your estate plan as soon as you possibly can.<\/p>\n<p>&nbsp;<\/p>\n<p>Be sure to consult an experienced estate planning attorney sooner rather than later.<\/p>\n<p>&nbsp;<\/p>\n<p>Reference: Forbes (<span style=\"color: #ff0000;\">February 5, 2015<\/span>) &#8220;Obama Budget Would Upend Estate Plans.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Visit our website at www.ssslegalconsultancy.com for more information.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have an estate plan, it is very important that you monitor the progress of President Obama&#8217;s latest budget. It could have major implications for your plan.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[52,9,28,84],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The President&#039;s Budget and Your Estate Plan - SSS Legal &amp; Consultancy Services<\/title>\n<meta name=\"description\" content=\"If you have an estate plan, it is very important that you monitor the progress of President Obama&#039;s latest budget. 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