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ARTICLE · 18 APRIL 2013

Estate Planning Could Be Affected By Administration’s Budget Proposals

McGuireWoods LLP
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The Obama Administration has recently proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014, and a number of proposed tax changes affecting estate planning have emerged.

United StatesWealth Management
Ronald Aucutt
Ronald Aucutt
Dennis Belcher
Dennis Belcher
W. Birch Douglass, III
W. Birch Douglass, III
Charles Fox, IV
Charles Fox, IV

On Wednesday, April 10, the Obama Administration proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014 (October 1, 2013-September 30, 2014). As in past years, a number of proposed tax changes affecting estate planning are described in the Treasury Department's "General Explanations of the Administration's Fiscal Year 2014 Revenue Proposals" (popularly called "the Greenbook"), including a return to the 45 percent transfer tax rate and $3.5 million exemption of 2009. Even though the congressional reception and ultimate outcome are in doubt and nothing will happen soon in any event, the proposals should be kept in mind when considering estate planning actions and may affect the shape and timing of those actions in some cases.

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