Biden Tax Plan and Election Year Planning For Everyone

Whoever wins in November, both the legislative and executive branches, there could be big changes coming. If Biden wins with a majority in the House and/or Senate than big changes are coming. For those wanting to be prepared — from an estate tax perspective — no matter who wins in November, the highlight reel below covers issues to discuss with your clients on Biden’s Tax Plan:

1. Repealing the step-up in basis at death
2. Deemed sales of assets when gifted or at death
3. Lowering the estate tax exemption
4. Increasing the estate and gift tax rates
5. Increasing the capital gains tax rates
6. Increasing capital gains tax to ordinary income tax rates for income over $1 million

Click below for some quick tips to get prepared.

Ideas to lessen the Biden Tax Plan impact

This is not a commentary on the good, bad or indifference of either candidate. This is just using common sense to be prepared around your trust and estate plans. Estate attorneys, IRS, custodian back offices and valuation firms are going to be swamped. Don’t delay until Nov 5.

Knowledge with wisdom is power. Everyone’s brand therefore is power. I write the OPEN WINDOWS newsletter every 4 to 6 weeks. Learn more here.