From the perspective of a financial professional, the window of opportunity to act before taxes are hiked is about to close. The plan to end the step-up in basis on inheritances is perhaps the most significant change.

Other tax proposals President Biden campaigned on include a sharp reduction in the favorable treatment on profits from investments, a new top tax rate of 39.6%, and an expansion of the 12.4% Social Security tax on tax-filers who earn more than $400,000 in adjusted gross income annually.