In our article library, we share the strategies that you can use to minimize your tax liability and protect your assets. Contact us to learn how Morris Law Group’s attorneys can develop an international tax-planning strategy that best fits your unique needs.
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What Estate Planning and Tax Law Changes Are Expected with the New Biden Administration? With a change in the presidency comes changes in many areas of the law, including tax law. Newly inaugurated President Joe Biden’s plan is to reduce the current estate tax exemption to half of its current amount: back to $5 million per person, indexed for inflation. He may possibly call for a reduction as low as $3.5 million per person, depending on what is likely to pass through Congress. The current exemption is $11.58 million per person. What does this mean for you if the exemption is reduced?