What you need to know about the “For the 99.5% Act” {PFP Section}

American Institute of CPAs - Personal Financial Planning (PFP)

Guest: Bob Keebler, CPA/PFS

This bill, introduced into the US Senate on March 25, 2021, could lay the groundwork for what’s ahead with changes to estate, gift, and trust rules. If passed, the effective date would be December 31st, 2021 and would result in significant increases to federal estate and gift tax. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on:

• The key provisions, including a 3.5 million estate exemption, 1 million gift exemption, and a 20k cap on annual exclusion gifts
• Changes to the GRAT, grantor trust, and valuation discount planning techniques
• Expansion of conservation easements and the special use valuations for farms
• What you need to consider with clients before enactment

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

• For in depth coverage of the current estate, gift, and trust planning strategies that you can take advantage of now for your clients, use the 4-volume Adviser’s Guide to Financial & Estate Planning.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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