Biden Backs off Estate Tax Increase, But There’s a Catch

In his proposed “American Families Plan,” President Biden doesn’t propose the estate tax increase he campaigned on. However, the proposal includes elimination of the step-up in basis for many families. The first $1 million in gain can pass tax-free from a deceased person ($2.5 million for a couple). So, even you don’t have a taxable estate, your children may still lose a significant portion of their inheritance to capital gain tax. $1 million and $2.5 million are not huge values when it comes to farmland and many other assets.

The proposal includes several other changes, but elimination of the step-up

Plan now for possible changes. Dent Law is here to help.

COVID-19 Advisory

Dent Law Offices, Ltd. is committed to the well-being of our team and clients, as well as third parties. During this time we are taking extra precautions to protect everyone with whom we interact while continuing to provide excellent service. Many of our clients are health-compromised and/or elderly, so we feel the only responsible approach is to be conservative. We are limiting in-person meetings as practicable and using the following protocols:

  1. Remember that much of our business can be handled by telephone or video conference.
  2. While our team is working, some remotely, our doors remained locked to control traffic. If you arrive unannounced/ unscheduled, please understand that, even without precautions, our on-site team maybe running errands or occupied with other clients/ meetings/ phone calls. It is best to call first to assure that someone will be able to assist you on arrival.
  3. When you arrive for any appointment/ drop in, please knock. Someone will be with you as soon as possible.
  4. Please wear a mask, even if you arrive only to drop off/ pick up documents.
  5. If you only need to drop off or pick up documents, please use our drive-thru window, located in the pass-through to our parking lot. For after hours drop-offs, a secure drop slot is located next to that window.
  6. If a discussion is necessary or you are here for an appointment, you will be taken to a private room near the entrance. You will also be required to wear a mask and to maintain social distancing.
  7. Again, we all need to do our part for the most vulnerable people requiring legal assistance at this time.”