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David L. Blain, CFA, is CEO and Founder of BlueSky Wealth Advisors, and author of “Invest in Your Life, Not Just Your Portfolio.”

It has become an American tradition to pass on accumulated wealth to subsequent generations. Whether it be family real estate or a sizeable stock portfolio, it is only natural for parents to want to leave something to their children. Proposed policy changes under the new administration may severely alter how we continue this practice. In the sixth episode of his 2021 Financial Forecast Series, David L. Blain, CFA, outlines the proposed policy changes to estate planning while highlighting the strategies for the wealth of this generation and future beneficiaries.

Financial Forecast Series | Estate Planning | Episode 6 – Part 1

Highlights in Part 1

0:00 – 2:13 | Introduction, “There are three constants in life: death, taxes, and trying to avoid the first two.”

2:14 – 3:05 | Estate Planning, the Importance of Having Your Affairs in Order

3:06 – 4:58 | Disclaimer – All Proposals Gleamed from Biden Administration Documentation & Public Relations, the Importance of Staying Current with Proposed Changes and Receiving Sound Advice from Trusted Professionals

4:59 – 6:03 | Retroactive Nature of Proposed Policy Changes

6:04 – 8:00 | Current Estate Tax Exemption Rates, Growth of Estate Tax Exemption in the Last 20 Years, Indexed to Inflation

8:01 – 9:21 | Annual Gift Exclusion of $15k, Valuable Tool to Reduce Estate

9:22 – 10:15 | Portability, Rollover Estate Tax Exemption between Spouses

10:16 – 10:31 | Estate Tax Rate Above Exemption Amount

10:32 – 11:35 | Automatic Expiration of Estate Tax Exemption Policies in 2025

Financial Forecast Series | Estate Planning | Episode 6 – Part 2

Highlights in Part 2

0:00 – 0:51 | Proposals: Reversion of Estate Tax Rates to Obama Administration Rates

0:53 – 3:58 | Proposals: Elimination of the Step-Up in Basis, Regressive Tax

3:59 – 5:31 | Proposals: Deemed Sale at Death, Potential to Owe Ordinary Income Tax Regardless of Sale of Inherited Assets

5:32 – 8:40 | Summary of Proposals, Strategies to Mitigate Damages of Proposed Changes

8:41 – 9:54 | Sophisticated Strategies: Trusts, Installment Sales for Notes to Trusts (SLATS, QTIPS), LLCs, Family Limited Partnerships

9:55 – 11:39 | Life Insurance, Valuable Tool to Replace Taxes Due, No Mention of the Taxation of Proceeds from Life Insurance

11:40 – 12:32 | Closing Summary 

Next Episode

Rising Interest Rates | Episode 7 – Click here to view.

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