Forbes has published an article, “Why The Biden Administration Is Motivating Wealthy Families To Address Their Estate Plans”, which discusses upcoming changes to estate tax law by the Biden administration. The article begins as follows:
Across the country one of the hardest appointments for the wealthy to get this past summer wasn’t reservations at a hot restaurant or seats for a sporting event. Rather the most sought-after appointment was one with their estate and tax attorney. The reason is quite simple: the current version of estate tax law was about to be changed.
“The tax bill released by the House Ways and Means Committee in the middle of September provided for the early sunset of the Trump tax cuts with respect to the estate and gift tax system,” explains Michael Gordon, managing partner of leading estate planning firm Gordon Fournaris.
In simple terms, the amount every American can pass free of tax at their death would be significantly reduced starting in 2022.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal