Preservation | Family Wealth Protection & Planning

On September 28, 2021, the House Budget Committee released a report that provides explanations with respect to certain provisions included in the proposed House bill called the Build Back Better Act (the “Report”).

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for October 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

On Monday, September 13, 2021, the House Ways and Means Committee released the text for proposed tax changes to be incorporated in a budget reconciliation bill called the Build Back Better Act (the “Act”). The 881-page text includes several significant changes to income and transfer taxes that could drastically change estate, gift and individual income tax planning if made into law.