Real Estate

Biden’s tax plan for inherited homes may impact more than the wealthy

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President Joe Biden addresses a joint session of Congress on April 28, 2021.

Melina Mara | Reuters

President Joe Biden has unveiled a plan for higher taxes on inherited homes to help fund the $1.8 trillion American Families Plan.

The proposal would tax inherited property gains at death, targeting generational wealth transfers. 

But financial experts say the measure may impact more families than just affluent ones.

“I think it could become a quagmire from a couple of different fronts,” said certified financial planner Ken Van Leeuwen, founder and managing director of Van Leeuwen & Company in Princeton, New Jersey.

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Source cnbc.com

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