White Paper

Will the Estate Tax Really Go Away?

 
Will the estate tax be eliminated as part of the tax reform promised by the incoming administration? Unfortunately, my crystal ball is not working well and I don’t have an answer for that question. I would, however, like to share a bit of the tortured history of the estate and gift tax since the Civil War in the hope that it might give us some perspective when wondering what the future will bring.

A series of Acts between 1862-64 created an inheritance tax which helped finance the war effort. Rates were between .75% and 5% and there was an exemption of $1,000. In 1870 the inheritance tax was repealed. An estate tax was again instituted to fund a war effort in 1916, in response to World War I. The rates were between 1% and 10% and there was an exemption of $50,000.

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Carol Warnick is a Partner at Holland and Hart. She concentrates her practice in two related areas. One is estate and wealth transfer planning and administration, in which her clients include executives, owners of closely-held businesses, and families of significant wealth. The other is as a member of the firm’s Fiduciary Solutions Group, in which she advises and represents individuals, corporate and individual fiduciaries, heirs, beneficiaries, and creditors in the resolution of probate- or trust-related disputes through mediation, arbitration, and litigation. Ms. Warnick actively practices in Colorado, Utah, and Wyoming.

Faculty

Carol Warnick

Carol Warnick

Holland & Hart, LLP

Agenda

Faculty

Carol Warnick

Carol Warnick

Holland & Hart, LLP

Carol Warnick is a Partner at Holland & Hart. She concentrates her practice in several related areas. One is estate and wealth transfer planning and administration, in which her clients include executives, owners of closely-held businesses, and families of significant wealth. Another is as a member of the Firm's Trust & Estate Litigation Group in which she litigates on behalf of trustees and other fiduciaries (both individual and corporate), heirs, beneficiaries, and creditors in the resolution of probate- or trust-related disputes. Ms. Warnick is also an AAA trained mediator and mediates trust and estate related disputes. She is a Fellow of the American College of Trust and Estate Counsel, in which she is an active member of ACTEC's Fiduciary Litigation Committee. She has been recognized in the Chambers High Net Worth Guide under Private Wealth Law. She also was recognized by The Best Lawyers in America© as Lawyer of the Year, Litigation?Trusts and Estates for Denver in 2015 and 2017, and was honored as one of Worth magazine's Top 100 Attorneys for two consecutive years. In addition, she has also been named one of Colorado's top 25 female Super Lawyers and is included in the Martindale?Hubbell® Bar Register of Preeminent Women Lawyers. She actively practices in Colorado, Utah, and Wyoming.

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