Last week, the House Ways and Means Committee released a summary of proposed tax increases intended to fund the Biden administration’s $3.5 trillion budget plan. Among other progressive initiatives, the $3.5 trillion Biden spending bill in front of Congress includes spending for: (1) Medicare and Medicaid expansions; (2) drug price reductions; (3) green energy subsidies; (4) childcare subsidies; (5) the child tax credit; and (6) paid family leave.
Remember, the bill is not in final form and has been a moving target for weeks. However, any version of the bill, if passed, is likely to be the most significant tax overhaul since 1984. Moreover, it is projected to upend many existing arrangements – perhaps even retroactively. It is critical to meet with your estate planning attorney and financial advisors now - especially if your assets exceed $5,000,000 (single) or $10,000,000 (married), if you are a beneficiary of an irrevocable trust, or if you ever created an irrevocable trust. Our team will share more on the developments related to estate planning in our newsletter next week.
The tax and estate planning team at Frost Law can help you navigate these new rules and update your estate plan as appropriate and necessary. Call us today at 410-497-5947 or schedule a confidential consultation with our brief contact form.