At the time this article is being written, the Biden campaign has yet to release a comprehensive tax proposal and has not proposed any changes to the estate tax. That said, if next year the Democratic Party controls the Senate, the House of Representatives, and the White House, we are certain to see new tax legislation. Now is the time to develop a contingency plan that can be implemented this fall depending on the outcome of the November election.

During the current 116th Congress, prominent Democratic senators introduced several bills relating to the gift and estate tax regimes. The bills are not only consistent, they have the exact same wording on a number of key points. It’s reasonable to expect many of those elements will be included in future legislation. If that happens, estate planning as we know it will change dramatically.