Tax Considerations for Family Office Under the Biden Administration

Given what the Biden administration has indicated, President Biden remains intent on repealing parts of the 2017 tax cuts that benefited the highest-earning Americans and large companies. For family offices and their tax planning strategy, then, the pertinent questions are when will rates increase, and in what form? Based on the political dynamics and Biden’s campaign proposed tax increases that affect family offices, there are four crucial considerations to keep in mind when addressing the tax implications. One such consideration could be the impact of potential legislation regarding the taxation of carried interests that could apply in a family office context.