{"id":3434,"date":"2015-09-30T12:58:44","date_gmt":"2015-09-30T16:58:44","guid":{"rendered":"http:\/\/resources.evans-legal.com\/?p=3434"},"modified":"2015-09-30T14:13:16","modified_gmt":"2015-09-30T18:13:16","slug":"budget-proposals-for-2016","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=3434","title":{"rendered":"Budget Proposals for 2016"},"content":{"rendered":"<p>According to <a href=\"https:\/\/www.jct.gov\/publications.html?func=startdown&amp;id=4841\">a report of the Joint Committee on Taxation<\/a>, President Obama&#8217;s fiscal year 2016 budget includes the following measures affecting estates and trusts:<\/p>\n<ul>\n<li>Restore the estate, gift, and generation-skipping exclusions and rates in effect in 2009 (i.e., $3,500,000 estate tax exclusion, $1,000,000 gift tax exclusion, and top tax rate of 45%).\u00a0 This has been proposed every year since 2010.<\/li>\n<li>For grantor retained annuity trusts (GRATs), the budget proposes that (a) GRATs have a minimum term of 10 years, (b) the remainder have a minimum value of either 25% of the initial funding or $500,000, whichever is less, and (c) grantors be prohibited from engaging in tax-free exchanges with the trust.\u00a0 The first proposal has been made before, but the other two are new.<\/li>\n<li>Limit the duration of generation-skipping tax exemption, which has been proposed before.<\/li>\n<li>Limit the total amounts of gifts qualifying for the annual exclusion to $50,000, which has been proposed before.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>According to a report of the Joint Committee on Taxation, President Obama&#8217;s fiscal year 2016 budget includes the following measures affecting estates and trusts: Restore the estate, gift, and generation-skipping exclusions and rates in effect in 2009 (i.e., $3,500,000 estate &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=3434\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[29],"tags":[327,481,333,482],"class_list":["post-3434","post","type-post","status-publish","format-standard","hentry","category-news-items","tag-federal-estate-tax","tag-federal-generation-skipping-tax","tag-federal-gift-tax","tag-grantor-retained-annuity-trusts","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3434"}],"version-history":[{"count":1,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3434\/revisions"}],"predecessor-version":[{"id":3435,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3434\/revisions\/3435"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}