Wealth Counsel has published an article on the effects of the Build Back Better Act that estate planners should be aware of to help their clients. The article begins as follows:
Many estate planning attorneys are following the news about the Build Back Better Act (the Act) and how it could affect their clients. This news story is a moving target, as Congress is likely to make changes to the legislation, and there is no guarantee that it will even pass.
The Act’s tax increases are mostly targeted toward the mythical 1 percent of Americans who make upwards of $400,000 per year. While many clients would not be affected, it is important to be prepared to advise those who would. In addition, some clients are worried about whether the stepped-up basis at death would be eliminated, so estate planning attorneys should advise clients as to whether their concerns are justified.
Read on to learn how much your estate planning practice and strategies would be affected by the passage of the Build Back Better Act.
To see the full article, click Everyday Estate Planning and The Build Back Better Act
Posted by Bennett Mansour, Associate Editor, Wealth Strategies Journal
Wealth Strategies Journal 