Planning After the Election: What to Expect Under President-Elect Trump
On January 20, 2017, Donald Trump will become the 45th President of the United States. Earlier in January, the Senate and House will convene with Republican majorities. How you update and manage your estate plan and financial plan under the Republican controlled Congress and Presidency can make a significant difference in your tax burdens and the way your wealth continues to accumulate. We’re here to help guide you during this time of transition and change.
We are monitoring the situation vigilantly, and we are already strategizing for a wide range of potential tax and regulatory changes in order to provide you with the best possible advice about any changes to your estate plan.
Let’s look briefly at how some of the preliminary details of President-elect Trump’s proposals could affect your estate.
Donald Trump’s proposals
Donald Trump has proposed across-the-board reforms in the tax codes, and while he promises to close up some loopholes, the general trajectory of his proposals is toward lowering taxes overall.
You can find the details of his tax plan on his website, but the most pertinent points are:
Remember that any change to the tax laws requires Congressional approval and won’t happen automatically. In spite of Republicans being in control of the Presidency and Congress, there will still be negotiation and compromise reflected in the “final” tax law that comes out of Washington. And remember, the rules are only “final” until the government decides to change them again. This is one reason you must remain in contact with us as 2017 begins.
Recommendations, assuming President-elect Trump’s agenda is put into law:
Preparing your estate for the next administration
With all the volatility surrounding this now-concluded election cycle, the only thing of which we can be certain is change. Regardless of who you supported, any election requires you to take some action to protect yourself. Proactivity is the best way to protect your wealth against any changes to come.
Between now and when President-elect Trump becomes President Trump, you would be wise to schedule an appointment with us for a full review of your will, trust, and estate plan. Depending on your circumstances, there may be actions that need to be taken now, some that might need to wait, and some that need to be back burnered until we know the “final” tax rules that come from President Trump and the Republican Congress.
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