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ARTICLE · 08 OCTOBER 2021

"Build Back Better" Agenda May Undermine Or Eliminate Common Estate Planning Techniques

Buchanan Ingersoll & Rooney
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Thankfully, steps can be taken now, before enactment of final negotiated provisions, to lessen or avoid the impact of these changes, but the window of opportunity may be rapidly closing.

United StatesTax
Buchanan Ingersoll & Rooney PC
Buchanan Ingersoll & Rooney PC
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In a recent speech, President Joe Biden characterized his "Build Back Better" agenda as "a long term investment in American families" that "will be fully paid for over the long term by having...the super wealthy begin to pay their fair share."1 This statement may be debatable, but one thing is clear: proposals that are currently being negotiated in Congress would pay for its multi-trillion dollar price tag2 by eliminating many common estate planning strategies. Thankfully, steps can be taken now, before enactment of final negotiated provisions, to lessen or avoid the impact of these changes, but the window of opportunity may be rapidly closing.

The House Ways and Means Committee's proposal for tax changes include the following key provisions that would affect estate planning strategies:

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