President Biden’s proposed infrastructure plan would end the step-up in basis taxpayers often use to minimize tax on inherited wealth. Since assets like family businesses, homes, stocks, and art generally appreciate over time, eliminating the step-up in basis effectively raises the amount of tax on these assets.
You are never too young to start planning for your estate. Also, you should not put off estate planning until you are ready to retire. The earlier you start, the better off your family will be if something unforeseen happens. Learn why you are never too young for estate planning.
Have you been named trustee or successor trustee for someone’s trust? Do you know your responsibilities as a trustee? Initially, you act only when the person, called the grantor, is unable to manage their financial affairs.