2025 Estate and Tax Client Planning Letter (5 Pages)
What are some things to anticipate in 2025? Are there tax-savings opportunities for your clients? Steve Siegel's 2025 Estate and Tax Client Planning Letter details several useful planning opportunities. The letter encourages clients to carefully consider their planning situation post-election to be sure that their decisions and documents express and memorialize those decisions, are up to date and take maximum advantage of the estate planning, income tax and business planning opportunities offered by the tax law.
We would like to believe that we will not see increased income taxes with the incoming administration. However, the government reports a deficit in the neighborhood of $36 trillion. If we are to have new tax laws in 2025, a 60 person vote in the U.S. Senate is needed to enact them. Given our divided government, that is not likely to happen. However, if a simple majority of the Senate and House agree, new tax laws can be passed by the process of Reconciliation, requiring only a majority vote in the House and Senate. This was the process by which the 2017 Act, Obamacare and Biden’s Inflation Reduction Act were passed. When Reconciliation is used, the laws passed may only have a life of not more than 10 years (the Byrd Rule). This is the route expected to enact tax laws in 2025.
What are some things to anticipate in 2025? Are there tax-savings opportunities for your clients? Steve Siegel's 2025 Estate and Tax Client Planning Letter details several useful planning opportunities. The letter encourages clients to carefully consider their planning situation post-election to be sure that their decisions and documents express and memorialize those decisions, are up to date and take maximum advantage of the estate planning, income tax and business planning opportunities offered by the tax law.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.
Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
