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    • Advisors say life insurance may help combat Biden’s proposed tax increase

    June 15, 2021 by Kate Dore

    President Joe Biden wants to raise taxes on inheritances to help fund his lofty infrastructure plans.

    The proposals call for taxing capital gains on inherited property at death, treating the transfer like a sale. Heirs may exclude the first $1 million of gains ($2.5 million for married couples).

    This new tax hike is separate from estate taxes on transfers of more than $11.7 million, unchanged since former President Donald Trump’s 2017 tax overhaul.

    Click HERE to read the full story via CNBC

    Originally Posted at CNBC on June 8, 2021 by Kate Dore.

    Categories: Industry Articles
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