In just a few hours, President-Elect Joe Biden becomes President Joe Biden, the 46th President of the United States of America. But what is that going to mean for you in the context of your estate plan and estate taxes. The truth is we really don't know right now, but during the campaign he shared some hints of what he'd like to do, and that includes lowering the federal estate tax exemption, and eliminating the step up in basis at death with respect to capital gains taxes. Ultimately, we can't predict precisely what will happen, or when. And, we know that Congress has some more pressing issues to deal with right now (COVID) rather than take up tax reform.
The important thing is to ensure that you have a plan in place that works for you and your loved ones now, regardless of who is in office or what laws are passed. Failing to do your own planning will usually result in more stress, more work, and more costs for your loved ones should you become incapacitated or die. The good news is that estate planning is probably easier than you think. To find out more, request our free guide to estate planning by clicking the FREE INFO link at the top of the website.