In our Family Legacy Planning series, we are shifting gears this week to cover a matter of urgent importance. With new tax proposals pending in Congress, the tax landscape may soon drastically change. Now is the time to engage in “last chance” tax planning and get in front of the new legislation. You don’t want to wake up with regret on January 1, 2022, wishing you had acted before it was too late.
I recently joined Scott Bishop, CPA, CFP to discuss potential income and estate tax changes under the Biden administration for the Financial Planning Association’s Tax and Estate Planning Knowledge Circle. Click on the link below to hear my analysis, predictions, and planning tips.
Here are the topics discussed:
- What are the key developments since the November 3, 2020 election?
- What are the key proposals to raise taxes?
- What are the key provisions of each of these legislative proposals?
- What is likely to pass?
- Given all this uncertainty, what kind of planning are you seeing?
- What other tax law developments are being considered?
Topical outline available here.
Family Legacy Planning is a matter of both the heart and the head. Today’s emphasis on more on the “head” side of the ledger, dealing with the tax and financial aspects of holistic planning. Next week, we return our focus to the other side of the ledger, Family Governance Planning, in order to properly prepare your family for the financial inheritance heading their way.
Marvin E. Blum
Marvin Blum joined Scott Bishop on June 15, 2021 to discuss potential tax changes under the Biden administration for the Financial Planning Association’s Tax and Estate Planning Knowledge Circle.