3 Reasons You'll Still Need Estate Planning Even if the Death Tax Disappears
One key part of the tax reform plan released by the White House and congressional Republicans involves eliminating the federal estate tax, which the plan refers to as the death tax. Estate taxes have been in the crosshairs of many lawmakers for years because many see them as an onerous form of double taxation that takes money that has already in many cases already been subject to income tax.
An advantage of eliminating the estate tax is that it allows some people to simplify their estate planning, avoiding the need for complicated strategies designed to reduce a potential tax bill to the IRS. Yet no one should be under any illusions that eliminating the death tax will make it unnecessary to do estate planning at all. There are at least three reasons why you'll still need estate planning even if tax reform successfully puts a stop to the federal estate tax.
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Source: Fool.com
