Biden Administration's Green Book Proposes Dramatic Estate Planning Changes

CPAs Should Consider the Potential Impact

Martin M. Shenkman, JD, CPA, PFS, AEP

The Biden Administration recently released its fiscal 2024 revenue proposal, which includes many dramatic changes that will affect most aspects of estate planning. The first reaction of many is that this will not be passed with a Republican-controlled House. Although that might be true, one should never say never when it comes to Congressional action. With debt ceiling negotiations looming, there is no telling what deals might be made, even deals that might include one or more of the Biden Administration's proposed estate tax changes. It is also important to note that many aspects of the administration's estate tax proposals have circulated in similar forms for many years. Thus, even if these changes are dodged this round, they might not be avoided forever.