Now that the COVID-19 relief bill has been signed, the President and Congress have turned their attention to tax changes. President Biden has announced his “Made in America Tax Plan” and bills have been filed by Senators Chris Van Hollen (D-MD) and Bernie Sanders (I-VT), all of which have a number of income and transfer tax proposals that would radically change the planning tools utilized in the past and could be costly to corporations and wealthy Americans.
The following is a list of some of the proposals on the table:
As many of these changes would impact gift and estate planning, you may want to consult an attorney before any new law becomes effective.
Sarah J. Chang counsels individuals, families, and business owners in developing comprehensive estate plans through the use of wills, trusts, powers of attorney, and gifting strategies.
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