CAREFREE – Jim Hundman, of Hundman Wealth Planning, wants to remind his neighbors, while the tax filing season is months away, this is the time for proactive tax and estate planning with the looming tax policy changes.
“Current legislation proposals include hiking the top individual marginal rate to 39.6 percent. Subjecting more income from pass-through entities to the 3.8 percent investment income surtax. Taxing long-terms gains as ordinary income and taxing unrealized gains. Eliminating step-up in basis at death. Reducing the lifetime exemption for gift, estate and generation skipping transfer taxes and including irrevocable grantor trust property in the taxable estate.
“Accelerating income, carefully timing deductions, making large gifts, preserving insurability by acquiring life insurance now to provide liquidity and other estate planning techniques are planning themes to consider in anticipation of the potential income tax changes,” he explained.
Jim Hundman is an accountant, attorney, certified financial planner with the experience and expertise to help. Founded in 1999, Hundman Wealth Planning is family-owned and operated and located in Pima Norte, 36600 N Pima Rd, Suite 301. Phone 480-625-3134 so these qualified consultants can walk you through tax, retirement and estate strategies to develop a plan that suits your individual needs and ensures your legacy.