The recently proposed “For the 99.5% Act” would bring sweeping changes to all aspects of estate planning, including the taxation of estates and inherited gains. The “Sensible Taxation and Equity Promotion” (STEP) Act would eliminate the step-up in basis that inherited assets currently enjoy and could radically change estate planning.
These proposals create a time-sensitive planning opportunity to act before changes may occur (from either of the above acts or other changes). These proposals could immediately become the costliest tax plans in generations if enacted and are so expansive in reach that they may adversely affect tens of millions of families. Taxpayers may need to act now or risk losing the window to take advantage of significant planning opportunities under current law.
Contact our Planned Giving Team if you have questions about this event or gift planning. 212-509-1524 or email@example.com
Date: Wednesday, May 26, 2021 at 12 p.m. ET