By Jennifer L. Fox
The United States just experienced a historic election amid a worldwide pandemic. The election was filled with anticipation, confusion, and delays. One thing we can try to predict, however, is how the election may affect estate and gift tax, based on the new administration’s proposed tax plan.
The estate and gift tax is a progressive tax that is paid by wealthy estates. The estate and gift tax exemption allows estates under a certain dollar amount to pass property to beneficiaries tax-free. Only the value over the exemption threshold is taxed.