President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.
Death and taxes may be certainties of life, but how much tax your family pays upon your death is still within your control to a certain degree.
Maybe not tomorrow, but the sunset of our historically high estate tax exemptions is coming—and with the election on its way, it could be sooner than you think.