Guest: Bob Keebler, CPA/PFS

On Wednesday, April 28th, President Biden gave his first congressional address. As part of his plan for the nation, he proposed a long term capital gain rate of 39.6% for households with income over 1 million, restoration of the top marginal tax rate of 39.6% for those earning over $400,000, and elimination of the step up in basis at death. Given the forward momentum for forced recognition of capital gains at death, this episode of the PFP Section podcast covers client scenarios and all the details we know at this point so that you can have initial discussions with clients on what may be ahead.

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

A fact sheet summarizing the American Families Plan can be found here.
Parts 1-4: Important planning strategies to consider in 2021
Sensible Taxation and Equity Promotion Act (STEP) of 2021
4-volume guide to financial & estate planning

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

How the American Families Plan will impact your clients {PFP Section}

AICPA Personal Financial Planning (PFP)