In the midst of the budgetbattlefield, many estate planning attorneys are closing watching thePresidentâ€™s budget proposal. Why such interest? Well, beyond the Militaryspending and health care sections, the proposed budget targets numerous estateplanning tools and techniques.
Forbes has been watching the various budget proposals with greatinterest and provided a helpful summary in an article titled â€œObama's Budget Proposal: The Impact OnEstate Planning Tools.â€
Essentially, this is a cribsheet list of the techniques presently in the crosshairs:
- High value IRAs of over $3 million
- Generation Skipping Transfer Trusts
- Dynasty Trusts
- Grantor Retained Annuity Trusts (GRATs)
- Intentionally Defective Grantor Trusts (IDGTs)
Click over to the article for anoverview of the techniques, along with examples of their estate planningapplications.
If your current estate planalready includes one or more of these techniques, then any change could impactyou, your loved ones and your assets in a significant way. This would be a goodtime to schedule a review consultation with your own estate planning attorney.
For more information on this subject,contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.