Kamala Harris just announced a plan to reduce housing costs, using funding from Senator Warren’s American Housing and Economic Mobility Act of 2024.
That means that the upcoming presidential election is more important to your family than you might think!
This Act proposes a major overhaul of the estate tax system, which could drastically impact your estate if the Democrats win big in the upcoming election, including:
- Reducing your lifetime exemption from $13.61 million to only $3.5 million.
- Increasing your estate tax rates to 55%, 60% and 65%.
- Reducing your $18,000 annual exclusion to $10,000 per person and limiting your total amount of annual exclusion gifts to $20,000.
This is why my credo as an estate planner is “Plan soon. Plan often.” Waiting to plan might be the most dangerous move of all.
Please reach out to discuss. Let’s plan together before it’s too late.