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Radiehl
Posted 9/15/2021 13:01 (#9221697 - in reply to #9221635)
Subject: RE: Date of death of transferor........period.



Colorado

Jake, have you looked over the Ways & Means proposal?

What is your take on the effect of lowering the estate tax exemption to 5m and increasing the special valuation exemption to 11.7?

May be off base, but it looks to me like the goal is to force estates into using special use exemptions rather than the estate tax exemption, resulting in inherited property only being stepped up by a fraction of its value at death.

Sec. 138207. Termination of Temporary Increase in Unified Credit
This provision terminates the temporary increase in the unified credit against estate and gift
taxes, reverting the credit to its 2010 level of $5,000,000 per individual, indexed for inflation.

Sec. 138208. Increase in Limitation of Estate Tax Valuation Reduction for Certain Real
Property Used in Farming or Other Trades or Businesses
This provision amends section 2032A to increase the special valuation reduction available for
qualified real property used in a family farm or family business. This reduction allows decedents
who own real property used in a farm or business to value the property for estate tax purposes
based on its actual use rather than fair market value. This provision increases the allowable
reduction from $750,000 to $11,700,000.



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