If President Biden’s estate tax plans pass, it is important to take note of when his proposed changes could potentially come into effect.
The following are times that the proposed changes could come into effect:
1. The date the bill is signed,
2. A future date, or
3. Retroactively, meaning they could be considered effective at an earlier date. For example, if the bill is signed on February 1st of 2021, the effective date could be September 1st of 2021, February 1st of 2021, or they could even decide that the bill took effect as of January 1st of 2021.
As you can see, there is much uncertainty with the future of the estate tax exemption.
Due to this uncertainty, it is now more important than ever to speak with an estate planning lawyer to help you stay up to date with these proposals and know how they could potentially impact your estate plan.
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If you need to speak to an experienced tax planning lawyer please contact us online or call our Dallas office directly at 214.559.7202. We help clients throughout the Dallas area with all of their tax planning needs and look forward to helping you.