The “For the 99.5%” Act was introduced on March 25, 2021 by Senator Bernie Sanders. This proposed Act represents the beginning of the real discussion surrounding the long-awaited Biden-era tax increases. Among many things being proposed in the For the 99.5% Act are a reduction in the federal estate tax exemption to $3.5 million per person, and a reduction in the federal gift tax exemption to $1 million per person. These proposed reductions from the current $11.7 million per person exemptions, along with many other proposed in the For the 99.5% Act will have far-reaching impacts on a substantial number of Americans and their estate and tax planning. You can read a copy of the For the 99.5 Act here. Because the discussion has begun, the first question appears to be when and not if significant tax increases will occur as a result of the For the 99.5% Act. The second question is whether you will be ready. Although nothing is certain, initial indications are that the coming nine (9) remaining months in 2021 represent the ticking clock of time remaining to anticipate and prepare for these potential changes. Thoughtful couples and individuals should act now to evaluate the potential for changes in the laws and the planning strategies that we anticipate will continue to be available throughout the remainder of 2021.
At Elville and Associates, it is our mission to educate and counsel our clients using the very best leading- edge legal-technical knowledge available. To set a time to discuss the impacts of the For the 99.5% Act on your estate and tax planning, contact Steve Elville at email@example.com, or at 443-393-7696 x108. You may also reach out to Mr. Elville’s Legal Administrator, Mary Guay Kramer, at firstname.lastname@example.org, or at 443-741-3635.
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