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Bob Dole from Solution Driven Wealth discusses expected changes in trust and estate tax policy under the Biden-Harris administration. The current federal estate tax threshold of $22 million may be reduced to around $3.5 million per person by the new administration. It is crucial for financial advisors to have ongoing discussions with clients regarding estate planning to maximize their legacy for future generations. The proposed changes signify a significant shift in estate tax policy, although details are still subject to debate in the coming months.
