With the implementation of the Biden administration in the country, various changes are likely to occur including several related to estate planning. One change involves a reduction in the estate tax exemption while a second revision to estate planning law is an elimination of the basis step-up for inherited property.
While these changes are likely to occur, it is difficult to both predict what repercussions this change will have as well as when these changes take effect. To better prepare people interested in creating successful estate plans, this article reviews some critical details to understand about these approaching changes.
Preparing for the Elimination of Basis Step-Up