Paul Sullivan’s weekly New York Times Wealth Matters column discusses how President Biden’s proposals to the federal estate tax could impact those currently not qualified to pay this tax. His article, “It May Be Time to Start Worrying About the Estate Tax,” begins as follows:
Under current rules, the federal estate tax won’t ever affect you unless you’re quite wealthy. But that could change rapidly, even if you are far from rich.
Proposals under consideration by President Biden could extend the tax to millions of people. That could happen in two ways: by raising rates and lowering qualifying thresholds on estates, and by increasing the liability of people who inherit and sell any assets.
Together, these changes could raise money from the truly wealthy while also imposing a levy on vast numbers of people who inherit assets like a modest family home.
To see the full article, click: “It May Be Time to Start Worrying About the Estate Tax”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.