Elder Law Agenda under Joe Biden
With a new Administration always comes new policy initiatives. While some of these ideas may never come to fruition, the following are some of the initiatives related to Elder Law that Joe Biden has indicated he favors:
- Increased staffing at the Social Security Administration. This could mean shorter wait times on disability decisions.
- Increase access to ABLE accounts by changing the age before which the account owner become disabled from 26 to 46.
- Eliminating the waiting period for disabled individuals to be eligible for Medicare.
- Changes to social security benefits including: higher benefits for those receiving social security for more than 20 years, increasing the minimum social security amount, providing a higher share of benefit for surviving spouses.
- A change in the federal inheritance tax. Currently, an estate must be greater than $11 million for the imposition of a federal inheritance tax. This is set to expire in 2025 and take it back to a $5 million minimum. Biden has previously indicated support for the 2009 level which was a $3.5 million minimum estate.
- An income tax increase for income above $400,000.
- A capital gains tax increase for income above $1 million.
As always, we will monitor all relevant legislation as it moves through the process and if any changes look likely we will alert you. I would also anticipate a respite from concerns over Medicaid ending or becoming more restrictive, which certainly was the case under the Trump Administration.