President Biden's proposed plans call for several tax increases, to include individual income taxes, capital gains, and estate taxes. While we cannot predict which proposals may become law and when they become effective, they are far-reaching enough to cause concern for many investors who face the possibility of higher taxes.
Assuming that some version of the Biden Plan is passed into law, one needs to consider its effective date. Join estate planning attorney Steve Mancini for his insights on tools that are worth considering in 2021. These include: Disclaimer Planning, QTIP Trusts, Formula Clauses that would "self correct", Life Insurance, annual gifting and more.