As election day nears, the prospect of the unraveling of Republican estate tax rules giving generous exemptions for American families looms darkly on the horizon. Changes made in 2017 doubled the estate tax exemption amount (to $11.58 million in 2020) so that most Americans could pass their legacies to their heirs without estate tax liability.

If Democrats win back the White House and the U.S. Senate in November, the tax increases on the wealthy, as proposed by Former Vice President Joe Biden, would impose lower exemptions and higher tax rates to cover health care commitments and battle climate change. Estates certainly are tempting targets for federal fund-raising: lowering the estate and gift tax exemption to the 2009 level of $3.5 million would raise $267 billion. We are advising clients now to consider proactive steps – just in case.

National Association of Estate Planners & Councils

Trust and Estate Law Trust and Estate Litigation

National Academy of Elder Law Attorneys, Inc.

Virginia Continuing Legal Education Faculty 2017

National Association of Estate Planners & Councils

Trust and Estate Law Trust and Estate Litigation

National Academy of Elder Law Attorneys, Inc.

Virginia Continuing Legal Education Faculty 2017

News and Events

Headlines & Footnotes

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Laws & Decisions

  • Estate Planning with IRA Trusts after the SECURE Act Read More
  • Virginia Lawmakers Act to Help the Good Guys Read More

Firm News & Announcements