Tag: Build Back Better

Following passage by the U.S. Senate and House of Representatives, President Biden has signed into law the Inflation Reduction Act (IRA). The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO), the IRA is projected to reduce the deficit by around $90 billion over the next 10 years. Although the IRA falls far short of Biden’s originally proposed $2 trillion… Read more ›

The Build Back Better Act, as initially proposed, made significant changes that affected estate planning for high net-worth individuals. The Act proposed a significant reduction in the basic exclusion amount from $11.7 million to approximately $6 million. It also proposed to eliminate the grantor trust rules that estate planners have been using to reduce taxable estates for decades. If this Act had passed in its original form, it would have significantly reduced opportunities to reduce transfer taxes. However, the Build… Read more ›