Paul Sullivan, in his New York Times article, focuses on the potential changes that the incoming Biden administration could make to the estate tax’s step-up in basis rule. His article, “The Estate Tax May Change Under Biden, Affecting Far More People,” begins as follows:
Tax policy used to be fairly boring and predictable. But in the past decade, it has become dynamic in a way that tax advisers don’t like: It changes with the political party in power.
That means it’s increasingly hard for individuals trying to make long-term decisions around their earnings, savings and giving. And advisers are likely to offer guidance on what is the best decision at this moment, because the future is too fuzzy.
To see the full article, click: “The Estate Tax May Change Under Biden, Affecting Far More People.”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.