This week’s topic is something I’ve been getting asked about a lot – “What should I do about Biden’s new tax proposals?”

It’s a great question, and one I figured I’d try to reach out to everyone and discuss.

Before I get to the long answer, just in case you’ve got somewhere to be, here’s the short answer:

For now… nothing. :)

Okay, now for the explanation.

The first, and primary, reason to do nothing is there is no actual reliable information to act on.

No tax bill has been proposed.

No legislation is pending.

No details exist.

Right now it’s all talk, no action.

You would think with both houses of congress controlled by the Democrats, with a Democratic President, some things would get done.

You would think.

However, if you’ve been paying attention at all, it’s pretty clear there’s not a lot of progress happening at the higher echelons of government (and, by the way, if you think I’m talking about your political party, I am).

For that reason, until something is actually done, until legislation is actually proposed and passed, any action you might take would be a guess – and you’d be just as likely to miss the mark with your guess as you would to hit the bullseye.

Now that I think about it, you don’t actually need another reason to do nothing right now – that’s more than sufficient.

With that being said, if you don’t have your estate plan put together, and/or if you are facing estate tax liability RIGHT NOW, now is a great time to do something.

And I’d be happy to talk to you about it. :)

If you think it might be time to take some action, click the link below and let’s chat.

https://cmslawfirm.com/strategysession

Have a great week, AND, if you have any specific things you’d like me to talk about here, please let me know. Always looking for ideas!

Cheers,

Christopher Small
CMS Law Firm LLC

PS – of course we’re here if you need estate planning or probate help. Click here to talk estate planning. Click here to talk probate.