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2021 Planning Under the Biden Administration
EBS is pleased to share with you a new Lion Street white paper entitled, “Income and Estate Tax Planning in 2021 under the Biden Administration”.
What’s discussed?
- Compares current tax law vs. Biden’s tax policy proposals with a focus on individual income taxes, individual transfer taxes and business income taxes,
- Highlights 10 planning themes and ideas that may be beneficial to consider in anticipation of tax changes, and
- Explains the implications of a potentially retroactive tax law enactment.
There is a high probability of tax-reform in the first 2-4 months of the Biden administration, so it is prudent for high-net worth and high-income individuals to consult with their tax advisors now to plan accordingly.
“High-income, high-net-worth and business clients may see higher income and transfer taxes come their way soon because of unified control of government by the Democratic Party. Accordingly, they should work with their financial, tax and legal professionals and immediately begin or continue planning in 2021 to maximize the ability to take advantage of current tax laws before changes come. While the chances of retroactive effective dates may be seen as low by many commentators, the possibility exists. Clients should be advised of the uncertainty as to timing and the impact on planning so they can make informed decisions about what to do and the flexibility to change or reverse course once new legislation is proposed, and effective dates are known, are critical planning components to consider.”
Due to the high probability of tax-reform within the first 2 4-months of a Democratic-controlled Federal Government, high-net worth, high-income, and business clients are urged to consult with their tax, legal and financial advisors to consider the impact of possible new tax laws and begin or continue to plan accordingly and immediately.