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Lower valuations under the current market conditions together with the implication of the Biden Administration’s tax proposals have resulted in the need for individuals to immediately examine their estate planning. The Administration’s proposals, if passed into law, will result in significantly more tax on high-net worth individuals and families.What is the 2021 gift and estate tax exemption?
The current 2021 gift and estate tax exemption is $11.7 million for each U.S. citizen/resident. The Biden Administration has proposed significant changes to the income tax system.What is the current tax law for 2021?
1 Current Law. As of 2021, the exemption stands at $11,700,000 (per person) and is expected to increase each year based upon the U.S. ... 2 2026. Under the current tax law, the higher estate and gift tax exemption will “Sunset” on December 31, 2025. 3 Biden Tax Proposal. ... 4 Summary. ... 5 About the Author. ...What are the proposed changes to the estate tax?
Two of the most significant proposed changes include: Reduction of the estate and gift tax exclusion currently at $11.7 million to $3.5 million How do I protect my assets from estate tax? The proposed effective date for the estate and gift tax changes would be for death and transfer after December 31, 2021.