Key Takeaways
Estate planning tax changes anticipate:
- Exemption Reductions: Potential lowering of gift and estate tax exemptions.
- Capital Gains Adjustments: Possible changes to capital gains tax strategies.
- Proactive Planning: The importance of early estate planning in response to tax law changes.
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Changes to Both Gift and Estate and Capital Gains Taxes expected under Biden’s administration
President Joe Biden presented reform strategies during his presidential campaign, creating a prudent need for high-net-worth families to review their estate plans early in 2021. While campaigning, President Biden proposed several tax changes, two of them significant estate planning tax changes.
The first is a premature reduction of the gift and estate tax exemption from the Tax Cuts and Jobs Act of 2017. The second is ending the step-up in tax basis for capital gains taxes on inherited property. Let’s take a look at both.
Continue reading Estate Planning Tax Changes: What To Expect Under New Administration →