Update from Capitol Hill, Estate Tax Questions Remain, Policy and Taxation Group

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Investment Solicitations Policy

Since we receive numerous requests every day to consider investing for our clients, we have developed a submission policy that is outlined below.

Send a brief write up of the investment opportunity with any significant material to our office for review with an indication on the envelope that it is an investment solicitation. If upon review we determine that we would like to meet to discuss or get further information, we will contact you by email or phone. Do not send blind emails or call, as it is impossible for us to respond to all requests. If you are going to be in our area and you would like an opportunity to meet us in person, please send an email with a “REQUEST TO MEET” in the subject line and we will respond if we are interested and available to meet.

Listen to what the public is saying about estate taxes.

Update from Capitol Hill

On July 28, as the Senate began to move to the small business bill (HR 5297), Majority Leader Harry Reid (D-NV) objected to a request by Minority Leader Mitch McConnell (R-KY) to allow consideration of several amendments to the bill, including the Lincoln/Kyl motion to permanently phase in a 35% rate and $5 million exemption indexed for inflation. The motion would also require reinstatement of stepped-up basis and an executor “election” to address retroactivity. The Senate is expected to continue consideration of the bill without estate tax reform later today.

We are pleased to report that on July 27 the House sent the Senate version of the war supplemental bill (HR 4899) to the President without the harmful GRAT provision. As you know, Policy and Taxation Group has been advocating for several months to prevent enactment of the GRAT provision and any estate tax revenue raiser in legislation unrelated to estate tax relief.

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