I won't go into the details because they're very complex. Here's a summary.
At present a married couple can exclude $23.5MM from gift and inheritance taxes due to very favorable laws passed by Republican congresses in recent years, before Trump. BUT the most favorable law expires in 2026.
Biden has proposed (openly, for about a year) drastically reducing this.
So you don't have $23.5MM?
Biden has also proposed changing the law, in part as the OP noted, to greatly increase the taxes on the lower amount remaining of the exclusion.
The result is the .gov will get a lot more of your money and your kids won't get it. We're talking about them taking stuff you already own, not stuff you earn. And they want to take the new inheritance taxes each year, even before you die.
This is in addition to any income tax increase, which the Dems have also proposed. Where do you think they can get the money for the $1.9 trillion "Covid bill?" They're borrowing it and will need to pay back the "loan."
So what can you do about it?
If you have any appreciable amount of assets, go see your lawyer. Ask him about trusts in general and a SLAT in particular. Don't wait. Estate lawyers were very busy in the last half of 2020 setting up trusts to shield assets in case the Bolsheviks won.
Just do it.
