Apparently, the concept of trusts that go on forever (and are not subject to the Estate Tax at each generation) does not sit will with some in Government. They may feel that this is an unfair system that will protect the wealth of the super rich. Many others use the so-called “Dynasty Trusts” so this issue may affect those other than the rich. New Hampshire allows perpetual trusts, so those who don’t have one now, may want to consider their use before the tax laws are changed. You can set one up in New Hampshire even if you don’t live there. Consider seeing your Estate Planning attorney if you need guidance on this issue.
For more information read the Wall Street Journal article at the link below: