Now that the presidential election is over, with Joe Biden as the presumptive president-elect, what changes can be expected in regards to estate planning with the new Biden administration?
President-Elect Joe Biden is expected to make some major changes after his inauguration in January 2021, including lowering the marginal tax and capital gains rates, reducing the federal gift and estate transfer tax exemption (currently at $11.58 million) and eliminating the step-up in basis.
To optimize their clients' estate planning, Morris Law Group is advising clients to utilize their exemptions by making monetary gifts now prior to year end.
Founding Partner Stuart R. Morris, Esq., CPA, B.C.S. discusses the impact of the 2020 election on estate planning with some action steps you can take now prior to year end in this new video on post-election estate planning. Click on the video below to watch it on YouTube.
Time is of the essence, so please watch this short video and then give us a call to discuss the steps you can take to ensure your estate plan is ready for the new year. For more details, .