#RichLifeLawyer Rant: Trump and Estate Planning
On this episode of the show I talk about the effect of the Trump Presidency on estate planning…
Here’s the short version of the show: if you are rich, you are going to love Trump and estate planning. He wants to completely repeal the federal estate planning tax. That means you pay no tax when you gift away your assets when you die.
Whether or not this will be possible from a fiscal standpoint remains to be seen, but for some it would be a huge benefit.
BUT, and there’s a big but, it doesn’t relieve you the Washingtonian of your need to plan. Trump and estate planning, no matter how much he wants to, cannot change the Washington State estate tax. You will still be subject to it on everything you own over $2 million.
On the bright side, though, you’re only paying a max 19% (right now) for estate taxes if Donald Trump’s estate planning ideas come to fruition, instead of 40% plus.
Christopher Small is a Seattle estate planning attorney who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.
P.S. Don’t forget to check out my free ebook: “7 Estate Planning Mistakes Every Family Needs to Avoid.” It’s packed full of helpful information to help you get everything you want out of life (and after life).
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