A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons to create them.
Many websites offer customized, do-it-yourself wills and other estate planning documents, but although these products are convenient, using them could cause serious and expensive legal problems for heirs.