Estate Planning in a Biden Administration: February 9, 2021
On January 20, 2021, Democrat Joe Biden took office as the 46th President of the United States. In addition, effective 2021, Democrats won control of both the House and the Senate for the first time in ten years.
Many clients are rightfully asking, how does this change in leadership impact my estate planning? Although no tax or policy changes have been officially announced or presented, we can reasonably foresee that changes will be coming.
This newsletter is intended to provide a general overview of the following potential changes that could impact estate planning, based on positions taken by President Biden during his campaign. Each of these topics is further explained in the articles that follow:
In this issue:
Because each estate plan is personalized for an individual or couple, whether you should make changes to your estate plan is dependent on a variety of factors, including the total value of your estate, your estate planning goals, your types of assets, and your overall lifestyle. It may not be advantageous for you to make any changes related to the proposed tax law changes. As always, the experienced trust and estates team at Foster Swift is ready to help you determine if any changes would be recommended for your estate to prepare for possible tax law shifts under the Biden Administration.