Tax changes are coming. The federal government authorized $5.4 trillion in stimulus spending over six relief bills. There is one way that the government makes money—through taxes. The Biden Administration is eyeing what it defines as high-income earners and high net worth families as a source to close this gap. This is a sampling of what these changes may be, and how practitioners in New Jersey may want to use the rest of 2021 to prepare their clients and themselves.

Estate Tax, Gift Tax, Generation-Skipping Tax

From a tax policy perspective, the estate tax was originally intended to prevent the hoarding of funds in a financial oligarchy and as a backstop to the capital gains tax.  

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