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Monthly Archives

October 2021

Biden’s Tax Proposal: Door Closing on Trusts

  So, Biden has a new tax bill that he's proposed, and one of the provisions of the tax bill is to aggressively shut down Grantor Trusts. Most people have no idea what Grantor Trusts are. But should this happen, your estate tax bill could be increased significantly. The proposed tax law as written eliminates the future use of Grantor Trusts that are not already established and signed. It also severely limits the use of irrevocable life insurance trusts and other discounts. There is a small window to wrap your planning that is built into law as long as we can get these Grantor Trusts in place before the bill is signed. So who does this impact? We've got three categories of investors. Category one, less than $12 million in net worth married, or six million single. That's most people, right? They're not affected by this. That doesn't make any…
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