“The potential for major tax reform is here, and change always breeds opportunity. Inertia is not a plan. Facing the possibility of major tax changes, clients and their advisors must think differently about approaching tax and legacy planning.  Finding advisors who are adept at strategic planning in an uncertain environment will be important – cookie cutter approaches, while appearing inexpensive, likely will be costly. While a Republican President and a Republican-controlled Congress increases the likelihood of major tax reform, there is a lot of uncertainty as to the final outcome, including whether there will be estate tax repeal, and if so, whether it will be replaced with another tax (like a capital gains tax at death), and whether proposed regulations under Internal Revenue Code §2704, dealing with valuation discounts for family-controlled entities, will be withdrawn.”

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