While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members.
Tucked into the federal spending bill that passed at the end of December 2020 are some changes aimed at simplifying Medicare enrollment and addressing coverage gaps. But Congress chose not to deal with the biggest problem.
All long-term care costs, particularly assisted living, rose sharply in 2020, according to Genworth’s latest annual Cost of Care Survey. The rises were due in part to increased costs brought on by the coronavirus pandemic.