Wealth Transfer Under the Biden Tax Plan

Insights | Wealth Transfer Under the Biden Tax Plan

President Joe Biden is proposing to eliminate "stepped-up basis" on property transferred at death. Under his plan, transfer of an asset by gift or bequest would subject unrealized gain to capital gains tax at the time of transfer. This change, which reverses a century of tax law, would have far-reaching ramifications for advisors and their clients. Click here to read the full paper.