Senator Chris Van Hollen reintroduced the Strengthen Social Security by Taxing Dynastic Wealth Act which aims to improve Social Security solvency by reverting estate and gift taxes to 2009 levels. It increases the top tax rate to 45% and lowers exemptions to $3.5M per individual, directing this revenue into a combined Social Security Trust Fund. 

Key Components of the Act:

Senator Van Hollen reintroduced this legislation arguing that lowering taxes on high-income households in 2017 and 2025 has created a "permanent aristocracy" that can be taxed to secure the solvency of Social Security for lower- and middle-income Americans.

Although the overall belief is that this legislation will not be enacted as written, it sure is a strong indicator of the potential direction certain legislators are looking. What should the next step be for your planning? Take time to review your estate planning documents sooner rather than later and consult with a qualified estate planning attorney. RKW Law Group and its Estates and Trusts group are ready to assist and provide you guidance on your estate planning needs.