Future is Now: Estate Planning in the Biden Tax Era

Jun
30
When: 
Jun 30, 2021
8:00 am to 9:00 am
Where: 
Virtual

They say that the only thing you can count on is death and taxes.  In the world of taxes in the United States, you can count on tax law changing.  With a new administration in the White House, the president has proposed... 

  1. American Families Plan, funded primarily through the increase of the top individual tax rates, and the  
  2. The American Jobs Plan, funded mainly through business taxes increases. 
This combination impacts individual, and business owners on both their business and personal balance sheets. Successful business owners, who are also individual taxpayers, may see a rise in business taxes by 7% and top individual taxes by 2.6%.  
 
Underlying those increases are government “takeaways” that hit Mom & Pop enterprises hard.  They include the repeal of the real estate §1031 exchange for gains in excess of $500,000, Medicare surtax on ACTIVE trade or business income in excess of $400,000, capital gains (qualified dividends) rates nearly doubling for individuals making more than $1 million, and the potential loss of the step-up in adjusted basis at death on appreciated assets.  This last one impacts estate planning as well as income tax planning. 
 
Join us for a discussion on the many changes happening and how to best prepare with your CPA, estate attorney or wealth manager for this new era!

Moderator: 

Derek B. Weatherford, CFP®
Managing Director
BMO Private Bank
 
Derek oversees a team of professionals dedicated to providing high net worth individuals, families and organizations, including closely-held and family-owned businesses, endowments and foundations, with a full range of wealth services as part of an overall personal wealth management strategy. He joined the organization in 2018 and has over 18 years of experience in the financial services industry.
 
Derek earned his BA in Business and Organizational Behavior from Stanford University. He is a CERTIFIED FINANCIAL PLANNER™ professional. Derek holds Series 6, 7, 31 and 63 securities licenses, as well as a Life Insurance license.
 

Speakers:

David Joyslin
Best & Flanagan LLP Private Wealth
Planning Section
Partner
 
David is a partner in Best & Flanagan LLP Private Wealth Planning Section.  He provides customized estate planning solutions to individuals and families, which may include estate and gift tax planning, charitable giving, business succession planning, estate administration, and assisting clients through fiduciary disputes.  David has extensive experience advising trustees on trust administration issues including tax situs, trust modification, directed trust formation and administration, and breach of fiduciary duty issues.   
 
David is a graduate of Mitchell Hamline College of Law in St. Paul, Minnesota and Augustana University in Sioux Falls, South Dakota. David was named a Rising Star by Super Lawyers in 2020.
 
Jon Fortin
Redpath and Company
Tax Director,
Estate, Gift, & Trust
 
Jon Fortin is director of the estate, gift, and trust tax service area at Redpath and Company. He helps clients identify their specific wealth transfer goals and designs plans to effectively transfer their wealth while minimizing estate, gift, and income tax. Jon has provided individual tax services and wealth management planning since 1998 and joined Redpath and Company in 2020.
 
Mike Barry
Twin City Fan
President/CEO
 
Mike became CEO in May of 2017. His primary responsibility is to lead the strategic direction of Twin Cities Fan for all divisions and shared services. Prior to becoming CEO, Mike was named President/COO in 1999 and prior to that he led Marketing and many other operational functions of the company.

CPE: 1 Credit

Wednesday, June 30, 2021 - 08:00