With the 2020 presidential election we could see some major changes to U.S. tax laws depending on the outcome at the polls. Let’s take a look at some of the proposed changes to current gift and estate tax laws and how they might affect your current estate plan.

Show Notes:

Important Disclosures: https://www.bosinvest.com/disclosures.

The following are important footnotes from this episode:

1 Garrett Watson, Huaqun Li, and Taylor LaJoie, “Details and Analysis of Democratic Presidential Nominee Joe Biden’s Tax Plan”, Tax Foundation, October 22, 2020,  https://taxfoundation.org/joe-biden-tax-plan-2020/

2 Robert McClelland and Mark J. Mazur, “Permanently Extending the Tax Cuts and Jobs Act, President Trump would Cut Taxes by $1.1 through 2030”, Tax Policy Center, October 27, 2020,  https://www.taxpolicycenter.org/taxvox/permanently-extending-tax-cuts-and-jobs-act-president-trump-would-cut-taxes-11-trillion

3 Democrats.org, “Party Platform: The 2020 Democratic Platform”, October 15, 2020, https://democrats.org/where-we-stand/party-platform/

4 Rocky Mengle, “Election 2020: President Trump’s Tax Plans” https://www.kiplinger.com/taxes/601307/election-2020-president-trump-tax-plans

5 Stephen Liss, “Election 2020 Will Estate Planning Ever Be the Same?”,Law.com, Sptember 11, 2020, https://www.law.com/newyorklawjournal/2020/09/11/election-2020-will-estate-planning-ever-be-the-same/?slreturn=20200929173954