Gift, Estate, & Income Tax Compliance
2021 01 Value Matters

January 1, 2021

Mercer Capital’s Value Matters® 2021-01

2021 Tax Update

As valuation professionals, we aim to be an equal partner in the tax planning process with estate attorneys and advisors for businesses and high-net-worth individuals. Our goal is to actively participate in the estate planning process.

Recently, we had the opportunity to attend (virtually) the Estate Planning Council of Greater Miami’s 9th Annual Estate Planning Symposium for a day of networking and presentations. Stephen Akers, Senior Fiduciary Counsel at Bessemer Trust, highlighted several legislative developments in the tax arena, with the most notable proposals including:

  • Acceleration or alteration of the estate-tax exemption 
  • Ending basis step-up at death on capital gains exceeding $100,000
  • Raising corporate tax rate from 21% to 28%
  • Tax capital gains as ordinary income for taxpayers with income over $1 million
  • Raise top income tax bracket from 37% to 39.6%
  • Limit itemized deductions to no more than 28% of deductions
  • Restore Pease limitation for incomes over $400,000
  • Phase out 199A deduction for QBI above $400,000
  • Eliminate like-kind exchanges

More recently, Senator Elizabeth Warren has introduced legislation to create a tax on household wealth above certain threshold levels. This would necessitate annual (or some periodic) top-to-bottom appraisal of families and individuals’ assets to levy such a tax. 

While we do not wish to opine on the pros and cons of the listed tax policies, practitioners cannot simply wait and see what will happen. However, we also realize that if you work to create wealth plans for everything that may happen, you may unnecessarily overwork (and worry) your clients. We gathered thoughts on these proposals and talked to a smattering of estate and wealth planning professionals to get their thoughts on the most impactful pieces of tax legislation.

J. Mark King, CFP is the President & CCO at C&J Wealth Advisors, a wealth management firm based in Tennessee.  King was rather bullish on taxes rising under current political leadership. 

“My belief regarding taxes is that anything which changed under the Trump tax proposal is fair game to the current party in control,” said King.  “Some of this rests on how robust the economic recovery is once the U.S. and the rest of the world open back.” 

King saw the most likely changes including a lowering in the estate tax exemption, an increase in the federal corporate tax rate, and an increase in the top personal income tax bracket. 

Patrick Baumann, CFA, CTP, is the Chief Investment Officer and Partner at FourThought Private Wealth, an independent RIA based in Florida. Baumann predicts an increase in the corporate tax rate, an increase in the top personal income tax bracket, and a form of a wealth tax as the most likely tax proposals that could come to fruition.

“I do anticipate an inflection point with our fiscal policies as our economy continues to recover,” said Baumann. “Congress will have to shift its agenda from stimulating the economy to focusing on initiatives supporting our aggressive stimulus programs and infrastructure investment.”   

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April 2026 | Valuation Date Discipline
Value Matters® April 2026

Valuation Date Discipline

In estate and gift tax related business valuation, few inputs are as consequential, and as frequently underestimated, as the valuation date. While the concept appears straightforward, the practical implications are anything but. The valuation date determines the universe of information available to the appraiser, frames the applicable standard of value, and anchors the conclusion in a specific economic, industry, and subject company context.
Mercer Capital to Sponsor The 32nd Annual Advanced Estate Planning Strategies Course
Mercer Capital to Sponsor The 32nd Annual Advanced Estate Planning Strategies Course
Mercer Capital is proud to sponsor the 32nd Annual Advanced Estate Planning Strategies course, a live, in-person CLE event held April 23-24, 2026, at the St. Julien Hotel & Spa in Boulder, Colorado. Representing the firm at the event are J. David Smith, CFA, ASA, and Barbara Walters Price.Presented by TexasBarCLE and cosponsored by the Real Estate, Probate & Trust Law Section of the State Bar of Texas, the course brings together attorneys and advisors for two days of in-depth discussion on advanced estate planning topics. The program features sessions addressing retirement benefits planning under SECURE 2.0, life insurance strategies, multijurisdictional planning considerations, and approaches to minimizing conflict in estate and trust administration.Attorneys attending the course will be focused on navigating increasingly technical planning issues, from evolving transfer tax rules to the practical challenges of administering complex estates. Mercer Capital regularly supports these efforts through valuation analyses used in estate and gift tax planning, charitable giving, and ownership transitions, helping clients and their advisors make informed decisions in high-stakes situations.J. David Smith is a Senior Vice President at Mercer Capital with more than 25 years of experience in business valuation. He provides valuation services for tax planning, transactional purposes, and financial reporting with particular experience in industries including financial services, oil and gas, and biotechnology.Barbara Walters Price serves as Chief Marketing Officer of Mercer Capital and is a member of the firm’s Board of Directors. She leads the firm’s marketing strategy and oversees corporate communications, business development, digital strategy, and thought leadership initiatives.Mercer Capital looks forward to connecting with attendees and contributing to the discussions at this year’s event. To learn more about this in-person CLE course, visit TexasBarCLE’s website: https://www.TexasBarCLE.com/new/?TransferTo=L23823.
Mercer Capital to Sponsor and Attend the 13th Annual Florida Tax Institute
Mercer Capital to Sponsor and Attend the 13th Annual Florida Tax Institute
Mercer Capital is pleased to sponsor the 13th Annual Florida Tax Institute, which will be held April 8–10 at The Ritz-Carlton Orlando, Grande Lakes in Orlando, Florida. Tim Bronza, CPA, ASA; Tom Insalaco, CFA, ASA; and Barbara Price will attend on behalf of the firm.More than a conference, the Florida Tax Institute is widely recognized as a leading educational forum for attorneys, accountants, trust officers, estate planners, and financial advisors. This year’s program features nationally respected speakers addressing timely developments in federal and state taxation, estate and gift tax planning, business tax matters, and emerging regulatory considerations. Sessions are designed to offer practical insights that professionals can apply directly in their client work.Tim Bronza serves as Managing Director of Mercer Capital’s Florida office. He has extensive experience valuing business interests for federal gift, estate, and income tax purposes and leads sophisticated valuation engagements across corporate and fiduciary contexts.Tom Insalaco is a Senior Vice President in Mercer Capital’s Florida office. Since 2008, Tom has performed valuation analyses across a broad range of industries, assisting attorneys, fiduciaries, and financial professionals with estate planning, exit planning, and transaction-related matters.Barbara Walters Price serves as Chief Marketing Officer of Mercer Capital and is also a member of the firm’s Board of Directors. She leads the firm’s marketing strategy and oversees corporate communications, business development, digital strategy, and thought leadership initiatives.Mercer Capital’s sponsorship reflects the firm’s ongoing commitment to supporting the tax and estate planning communities in Florida and beyond. Learn more about the event at https://www.floridataxinstitute.org/

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