Jamie Hopkins' 10 Tips for Estate Planning Amid Legislative Unknowns

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Proposed legislation by President Joe Biden and the Democrat-controlled Congress is creating estate planning uncertainty, but following a reliable estate planning process can help advisors pivot if the American Families Plan, Sensible Taxation and Equity Promotion (STEP) Act of 2021 or other proposals are enacted, according to Jamie Hopkins, managing partner of wealth solutions at Carson Group.

The STEP Act, for instance, could not only eliminate step-up in basis but also cause death itself to be a triggering event for capital gains, turning many traditional estate planning strategies upside down, he said Tuesday in a Kitces.com webinar.

Hopkins discussed those and other current proposals and associated drivers that could affect estate planning, provided the necessary steps involved in a solid estate planning process that advisors can easily apply in their client conversations, and discussed which estate planning strategies to use if current proposals become law.

See the gallery for 10 of the tips he provided for advisors.

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