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The media’s focus on spending in the proposed Build Back Better and related bills pending before Congress overlooks many of the revenue aspects that could affect the estate plans of the wealthy and the tax strategies of business owners and the highest income earners. While nothing has been enacted and it is unknown whether anything enacted will be retroactive, some current proposals affect life insurance and irrevocable grantor trusts; capital, income and net investment income; gifting; social security, Medicare and business-related taxes; and retirement plan contributions and distributions.

If your financial or estate plans could be affected by these proposed tax law changes, you should keep in touch with your estate lawyer, tax planner or financial advisor to see if changes are needed. Should you have any questions, please contact us.


This Brief is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.

Brooks, Tarulis & Tibble, LLC
1733 Park Street, Suite 100
Naperville, Illinois 60563

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