Sunday, October 4, 2020
Joe Biden has given little information about his plans in regard to estate planning and tax treatment, but he has provided limited information on the topic.
It appears that Joe Biden does support "raising estate taxes and changing the taxation of capital assets upon death."
As of now, the tax exemption is $11.58M per person and $23.16M per married couple. These rates are expected to stay until the end of 2025. However, if Joe Biden wins the presidential election and if the Democrats win control of both the Senate and the House, the exemption limit will likely be reduced sooner.
Biden has also hinted that he wishes to "change the treatment of capital gains at death." Biden has signaled that he wants to reintroduce an Obama administration proposal that would impose a "mark-to-market tax appreciated capital assets upon the death of the owner."
See Amy E. Heller, Andrew D. O'Gwynn, Biden’s Tax Proposals and Estate Planning, Skadden, September 30, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.