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The Biden administration’s recently released $1.8 trillion infrastructure package detailed the proposed spending, but also laid out some avenues to pay for it. One of these is to eliminate the ability to pass stocks, real estate, and other capital assets on to heirs without paying capital gains tax.
The Biden proposal would eliminate the “stepped-up basis,” which makes the avoidance of capital gains taxes possible and is currently a big part of estate planning. A change in the law would necessitate some re-jiggering of estates in order to attempt to protect assets as much as possible from estate taxes.
It’s of course too early to know if this will become part of the final package, but it’s never too early to understand the problem and start thinking about potential solutions.
Let’s assume your favorite aunt has been holding a stock she bought thirty years ago for $5,000. You inherit... ...
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