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The tax reform plan released by the White House and the congressional Republicans includes many parts. One of them is taking away the federal estate tax or death tax. This is not the first time estate taxes have been discussed, as many lawmakers feel that they are a double form of taxation. Eliminating the death tax would have many benefits; which include simplified estate planning and avoiding the need to go through lengthy steps to avoid a tax bill to the IRS. With that said, if it is removed, planning with an experienced estate planning attorney in Jackson MS remains just as important.
Here are a few things to consider:
- You need to choose where your assets go.