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Bad Moon Rising: The 99.5% Act Could Eliminate or Reduce Effectiveness of Critical Estate-Planning Tools

If legislation introduced in the US Senate on March 25, 2021, ultimately passes intact or mostly so, it could introduce the most sweeping changes in federal estate and gift taxation in at least the last 70 years. The proposed legislation would dramatically reduce the estate and generation-skipping tax exemption, the gift tax exemption, eliminate the current step-up in basis in assets at death for income tax purposes, and eliminate significant other estate-planning strategies.