Keyword Analysis & Research: biden tax proposals 2021 estate tax

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Frequently Asked Questions

How will the Biden administration’s tax proposals impact estate planning?

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 does President Biden’s “build back better” plan mean for estate planning?

President Biden’s “Build Back Better” plan, currently wending its way through Congress, proposes to drastically cut the estate and gift tax exemption and make estate and gift tax planning much more difficult.

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.


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