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BIDEN’S 2021 ESTATE TAX PROPOSALS

Wednesday, March 31, 2021
Category: Estate Planning and Estate Administration

Under President Biden’s proposed changes in the estate tax law, the estate tax exemption would be reduced from $11.7 million per person to $3.5 million per person and the gift tax would be reduced from $11.7 million to $1 million per person.

Currently, the federal estate tax ranges from 18% to 40% on assets in excess of $1 million. Under the Biden’s proposal the federal estate rate increases to 45%.

Lastly, the Biden’s estate tax proposals eliminates the “step-up” in basis at death

Kindly visit our Trust & Estate Planning and Estate Tax Planning websites or contact one of our Estate Attorneys, Philadelphia or Estate Planning Attorneys, Philadelphia for more information on this topic.

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