A financial adviser says farmers shouldn’t count on a reduction in estate taxes any time soon.
Donald Trump pledged to abolish the estate tax during the presidential campaign. Jim Rein, head of estate planning for K-Coe Isom, says President-Elect Trump and congressional leaders might focus more on cutting other taxes that will impact more Americans.
“Of course income tax affects almost all of us and estate tax impacts very few. So that’s something I think they’ll be looking at as to what I can get off my list that I’ve promised my constituents. I think we’ll see the estate tax take a back seat to those other items,” says Rein.
Rein cautions farmers about planning for tax reductions as they develop their 2017 financial plans.
Source: brownfieldagnews.com