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NW MN | No over $5.79 million and double that for a couple possibly not positive on the couple. Back to pre-trump 2017 tax cut levels.
And all this is a plan. Needs to through Congress.
https://www.investopedia.com/explaining-biden-s-tax-plan-5080766
Estate tax exemption. The Biden tax plan entails two changes to the federal estate tax. It would reduce the estate tax exemption by approximately 50% from its current level of $11.58 million of estate assets, thereby restoring the threshold for taxable estates to its pre-Trump level. Tax experts generally believe that most very wealthy individuals already take advantage of sophisticated tax-planning strategies that reduce their estate-tax liabilities and will continue to do so. Therefore, the lower exemption level may result in expanded tax planning but only a minor increase in revenue.
Step-up in basis. The second change would repeal the present law “step-up in basis” rule that increases the tax basis for inherited assets to their full fair market value upon death. This rule—which ‘carries over’ an asset’s tax basis from the testator to the heir—likely would entail a significantly greater overall tax burden with respect to transferred assets than would the decreased exemption. | |
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Biden estate tax
