Lot's Happening: Biden Budget, CTA, More!

• A lot is happening, and you may need to act. ■ The Corporate Transparency Act (CTA) requires beneficial owners of small business entities to register. You might need to decant trusts, update entity documents, and more to file properly. ■ Pres. Biden’s budget includes estate tax changes that would radically alter wealth accumulation and transfer. Acting now might help. ■ Senators Wyden and King have introduced legislation that would hammer common trust techniques and increase income, gift, and estate taxes. ■ The estate tax exemption will be cut in half at the end of 2025. To plan better, you should start planning now.