The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
The American Families Plan proposals include:
Individuals and families should revisit their estate plans in light of President Biden’s tax proposals. For large estates, you should evaluate the benefits of multi-generational wealth transfers, the use of trusts and other estate planning opportunities, and be prepared to implement strategies in advance of proposals becoming law.
Read more from this month's "Perspectives"