Although PE’s purpose is wealth generation, a complementary issue is wealth continuation. Therefore, all industry participants need to monitor the estate-planning ramifications of tax proposals that could impact the treatment of, among others, their private fund interests. That explains why the PE industry is closely monitoring the American Jobs Plan, Made in America Tax Plan and American Families Plan (together, the Biden Tax Plans) proposed by the Biden administration to fund its infrastructure plan. If enacted unchanged, the Biden Tax Plans could dramatically affect the operative tax rates paid by partners and require a new wave of tax planning. To preview potential ramifications of the tax proposals, Foundation Research Associates recently hosted a program featuring KPMG principal Anthony Tuths and Citrin Cooperman principal Jean‑Paul Schwarz. This first article in a two-part series analyzes the current political landscape behind the changes, as well as the proposal to treat transfers of appreciated property by gift or on death as realization events. The second article will review several other provisions of the Biden Tax Plans, including proposals to increase tax rates for ordinary income and capital gains; tax carried interest as ordinary income; and subject LPs to self-employment tax where they materially participate in the partnership’s trade or business. For additional insights from Tuths, see “Hot Tax Topics for Private Fund Investors and Managers” (Mar. 2, 2021); and from Schwarz, see “How the Tax Cuts and Jobs Act Will Affect Private Fund Managers and Investors” (Feb. 22, 2018).