"Ok, Boomer" Becomes Golden Goose Target For Federal Taxes

Out of the two items generally agreed upon as certain in life, taxes seem to be the one thing that not even science can ignore. For a while now, the Baby Boomer generation, on average, has been growing their nest eggs to a considerable size. As children of those who experienced the great depression first-hand, paired with some changes in the shift from individual to employer-based retirement programs, they find themselves in a position to pass along quite the inheritance to their next of kin.

The government has taken notice.

A great article by Steven Malanga over at the City Journal details how the Biden administration is continuously looking at ways to pass legislation to tap into the unprecedented 35 Trillion in retirement wealth that the generation has acquired. Proposed solutions include taxing the gains at the point of a transfer to an heir or placing caps on what can exist as a ‘tax-free’ contribution.

Any of these proposed changes are of course reliant on what can be passed through congress or enacted through executive action. The Estate team at Powell & Edwards keeps an eye on these developments at both a state and federal level so that we can quickly update our clients before they find themselves behind the curve and playing catch-up in retirement instead of bocce ball.

You can reach Nathan and his team at Support@wtp.legal or call (770) 962-0100 if you have any questions on how the potential changes may alter your retirement goals.