In this episode of Adam Talks, IRA Financial’s Adam Bergman Esq. discusses President Biden’s estate tax plan, which eliminates the step-up in basis upon death, and some possible workarounds.
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IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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Adam Talks recently released a shocking report on President Joe Biden’s proposed changes to the estate tax, and the implications it could have for wealthy individuals and families across the country. The proposed changes are part of the Biden administration’s efforts to address income inequality and generate additional revenue for government programs.
Under the current estate tax laws, individuals can leave up to $11.7 million to their heirs without being subject to federal estate taxes. However, President Biden’s proposal would lower this exemption to $3.5 million, potentially impacting a larger number of wealthy individuals.
According to Adam Talks, this change could lead to a significant increase in the number of estates subject to the estate tax, with some estimates suggesting that as many as 20% of estates could be affected. This could have far-reaching consequences for wealthy families who may need to reevaluate their estate planning strategies in order to minimize their tax liabilities.
In addition to lowering the exemption amount, President Biden’s proposal also includes changes to the tax rates applied to estates above the exemption amount. Currently, estates above the exemption amount are subject to a tax rate of 40%, but under Biden’s plan, this rate could increase to as much as 65%.
Adam Talks warns that these changes could have a profound impact on wealthy individuals and families, potentially resulting in a higher tax burden and a greater need for estate planning strategies to minimize tax liabilities. In light of these potential changes, it is important for individuals with significant assets to review their estate plans and consider how they may need to adapt in order to protect their wealth for future generations.
Overall, Adam Talks’ report on President Biden’s proposed changes to the estate tax serves as a stark reminder of the importance of effective estate planning and staying informed about potential changes to tax laws that could impact one’s financial future. Wealthy individuals and families would be wise to consult with financial advisors and estate planning experts to ensure they are prepared for any potential changes to the tax laws that could affect their estate.
GIVING YOUR KIDS INHERITANCE WHILE YOU ARE ALIVE.
What we have been doing for years now, is giving our wealth away to our children while we are alive. We give them, periodically, monetary gifts that are under the taxable income level. Also we have been selling homes and other possessions and giving it to our children. We are in our 60’s. The goal is to die almost broke except for the exemption that they would get to keep. There is no greater joy than watching your grand children and children enjoy the gifts you had planned to give them in your death, while you are alive! Absolutely the best way!
If you have owned something for a long enough time the CPI (which is never subtracted from the gain!) could Kill you!
Wouldn’t that be crazy, if all your Gains where in line with the CPI!
Talk about telling people to quit working (if they are wealthy)!
Not real wealthy either!
This is robbery. Is your government worth it? Is the United States treating you better than any other nation on earth? Keep in mind that the Fed is pumping out money and inducing inflation–this is going to steal the inheritance of far more people than many think.
Bloomberg reported that Biden is leaving the estate tax alone in the current Family Whatever legislation … ie leaving the $11mm estate tax exemption alone … do you disagree? I sure hope they are right 🙁