In today’s blog post, Brad Wiewel talks with NBC affiliate KXAN’s morning show, Studio 512, about estate planning tips for 2021. He and host Rosie Newberry discuss recent changes in tax law and the possible impacts President Biden’s first term may have on estate tax exemptions.
The estate tax exemption is at the highest it has ever been. The potential exists for President Biden to lower the exemption. It is important to remember though that the estate tax exemption has never been lowered before. It is not a foregone conclusion that a Democratic president will lower the exemption. It was assumed that Former President Obama would lower it and he actually raised it.
Brad Wiewel provides additional estate planning tips on how you can use gifting to immediate family and relatives to lower your tax burden this year. If you would like to learn more about estate taxes and gifting, please visit our previous posts.