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| Biden’s plans, if implemented, will really throw a monkey wrench in most of the conventional wisdom suggestions offered above. Throw those previously very viable options out the window. 1031’s, on amounts over $400,000, gone. Give, gift, transfer, sell any appreciated asset, owe 39.6 cap gains plus ongoing 2.9% Medicare tax in addition. Due and payable NOW. Any name change is the trigger, and very likely RETROACTIVE back to no later than inauguration, and possibly to Jan. 1st, 2021.There was a discussion a couple days ago where another poster mentioned to use all the various tools in the box. Well I’m here to sadly inform folks, we are facing the loss of most of those tools. There’s really only going to be a couple viable options left for purposes of escaping or minimizing the brutal effects of loss of stepped up basis. There is so much confusion and misinformation on this issue, if I find the time, I’m going to do a webinar explaining the implications and remedies if so enacted. | |
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Sell the farm?
