No doubt many U.S. legislators were chewing on tax reform over
the U.S. Thanksgiving weekend, as well as enjoying their turkey, as
unprecedented momentum is moving U.S reforms ahead at breakneck
speed demonstrating Congress's desire to complete tax reform
before year end.
The proposed changes will be the most significant to the U.S.
tax system in over three decades, and will impact many individuals
and families with U.S. connections. Several major areas are
impacted, including U.S. estate and gift tax.
The House Bill that passed on November 16, 2017 includes several
major changes to transfer taxes. Under the House Bill, an estate
worth less than $10 million in 2011 will not be subject to estate,
gift or generation-skipping transfer tax. For a married couple,
this will mean that between them the exclusion will be $20 million.
These amounts are indexed to inflation for transfers on death. For
2018, the exclusion will be $11.2 million for an individual person,
and
