Before he was elected, President Biden campaigned on a promise to lower the estate tax exemption limit, and to consider abolishing the step-up in basis for capital gains tax. While it is difficult to predict when the Biden administration will turn its attention to taxes, it appears that their current priorities are managing the pandemic and shoring up the economy. That leaves a small window to consider how these proposed changes may impact your estate plan, and to prepare any necessary changes in advance of when it will be discussed.