Estate Tax Planning in a Biden Presidency (part 4) The Biden proposal to eliminate a step-up in basis is radical and dramatic. Being both radical and dramatic substantially decreases its chance of success in the legislative process, but what are the "step-up" basis rules? To read about other parts of his proposal, see our prior [...]
Estate Tax Planning in a Biden Presidency (part 3) As we have been discussing (see links to part 1 and part 2), those in the “donut hole” (an estate between $6 and $11 million per person or $12 to $22 million per couple), might consider estate tax planning. An obvious question is, can you take [...]
Estate Tax Planning in a Biden Presidency (part 2) In my memory, donut holes are delicious! But when you are in the “donut hole” it isn’t a good thing. Who knows why? You should be most concerned about the impact of a Biden Presidency on estate tax planning if you are in this “donut hole”: [...]
Estate Tax Planning in a Biden Presidency (part 1) To begin with, let’s NOT talk politics! But reality is, we are in the process of changing administrations, and possibly a change of control of the Senate. The November election has raised the very real possibility that a new tax act will be proposed by [...]