Publications
Are Deferred Sale Trusts A Tax-Efficient Way To Defer Capital Gains?
DSTs provide income deferral and asset control, but come with higher administrative costs, market risks and potential IRS scrutiny. CRTs and CLTs, in contrast, are highly tax-efficient for capital gains and estate planning purposes, especially for those with philanthropic goals. However, the irrevocable nature and charitable commitments can limit their applicability for those wishing to retain assets within their family.
Kamala Harris Endorses American Housing and Economic Mobility Act Tax Proposals
In a significant development, the Kamela Harris presidential campaign has announced its endorsement of the estate tax reforms outlined in the American Housing and Economic Mobility Act of 2024. This support from the Harris campaign is expected to galvanize broader Democratic backing for the bill, potentially enhancing its chances of passage. By aligning with these tax proposals, the Harris campaign is positioning itself as a champion of economic justice and housing affordability—key issues in the upcoming election.
Contrasting Tax Overhauls: Project 2025 Vs. Democratic Reform
As the 2024 elections approach, tax reform is once again a hot topic. Project 2025, spearheaded by the Heritage Foundation, offers a sweeping overhaul of the U.S. tax system and various federal policies. This ambitious plan, designed to be implemented by a future Republican administration, includes significant changes to tax laws and administration. On the other side of the political spectrum, Democrats and other left-leaning groups have also put forth their own tax reform proposals, aiming to address income inequality and generate revenue for social programs.
What to do When You win the Lottery
Receiving a windfall is both exciting and overwhelming; something estate planners should anticipate while creating an estate plan for their client. Even smaller windfalls can be a life changing event. Here are some recommended actions to consider taking to manage your newfound wealth responsibly.
Strategic Estate Planning for UHNW Individuals
The economic, environmental, social, and political situations are and will remain, uncertain. The federal estate tax reverts back to $5 million after 2025. States and the federal government are increasing income tax rates, and inflation erodes accumulated wealth. If you are an advisor to UHNW individuals, you should ask, will their estate plans work in the face of these uncertainties?
