Media


06/23/17


Widdes and De Jong Talk Possible Changes to Tax and Estate Laws Under Trump

Related Attorney(s): David S. De JongSteven A. Widdes

Media Type: Alert

On Monday, June 5, 2017, Federal News Radio host Bob Leins welcomed Stein Sperling’s David De Jong and Steven Widdes to the For Your Benefit  studio to talk about possible changes to tax and estate laws during the Trump administration.

Tax attorney Dave De Jong discussed the following topics:

  • Possible loss of most itemized deductions 
  • Possible very large increase in standard deduction 
  • Possible fewer tax brackets with maximum 35% rate for individuals 
  • Potential end to alternative minimum tax 


He cautioned that it could be some time before the final changes are defined.

“We could be several months away from seeing the devil in the details,” Dave said.

Estates and Trust attorney Steve Widdes also discussed the following topics:

  • Possible abolition of the federal estate tax 
  • Possible capital gains basis changes in an estate


Steve said, we “just don’t know what’s going to be introduced, other than it appears that there’s strong support to remove the estate tax as it is known under the federal government.”

Regardless of what happens at the federal level, Steve said, there will still be an estate tax of some sort in many states, including Maryland

Both Dave and Steve stressed that changes to the “death tax” will only affect a small percentage of taxpayers, and stressed the non-tax related reason for estate planning.

Among the unknowns for the future of tax and estate laws under the Trump administration, they said, are the following:

  • How much political clout (from real estate professionals, charitable organizations, etc.) may influence the final laws that are passed
  • What is going to happen to taxes on businesses


Listen to the complete broadcast for all the information on how this proposals could affect you.


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