Higher taxes are coming for many of us – it’s just a question of timing and degree. Current proposed plans include higher individual tax rates, increases in capital gains taxes, changes to retirement plans and strategies, tax surcharges on trusts and estates, and cuts to the lifetime exclusion by more than half.
Although proposals will likely be adjusted and have a way to go before becoming law, the opening salvo should be a call to action and trigger a review of most financial and estate plans. In particular, the combination of potentially lower estate exclusions with appreciation in assets of all kinds over the past few years means the changes could affect a high percentage of our clients.
If you wonder how the proposed changes might impact your individual financial plan, want to revisit your investment portfolio, or discuss possible changes to your estate and gifting strategy, there's no better time than now. On the bigger picture estate side of things, we can help to make sure you have good counsel and coordinate with attorney relationships already in place. We are here to help you plan for whatever comes next.