November Series: Tax Changes on the Horizon

November Series: Tax Changes on the Horizon

November 03, 2021

It seems like just a few weeks ago we were celebrating Holidays, making New Years Resolutions and getting things in order for the year ahead. 2021 flew by and we find ourselves at the end of autumn, awaiting the first snowfall and gearing up for another season of building traditions and making memories with our families.

As things wrap up, families often start to look at their finances this time of year. Whether it’s in anticipation of the holidays, preparing a budget for next year or simply setting new goals, it’s common for many to review their financial situation and come up with a plan for 2022. As the new year approaches, there may be some big changes in proposed legislation regarding tax laws, estate planning and things that effect your overall finances. We want to get ahead of them.

Throughout the month of November we will be publishing a weekly blog about some of the most relevant topics that may effect our clients. Things such as:

  • Proposed tax treatment of retirement accounts and the future of Roth conversions
  • Gifting and Estate taxes
  • Changes to individual tax rates and capital gains
  • Changes that could affect business owners

These are areas that, for some, can have a major impact on your financial plan. It’s important to note that these changes haven’t passed and become law quite yet, but rather are something that’s being talked about and we want to be on the front end of it if we need to plan for potential adjustments to trust documents, funding strategies or gifting.  

As you read our blog over the following month and hear things in the news and media, ask yourself if this is something that could affect your personal situation. And if it is, let’s have a discussion around it and see if there are any steps we can take to be better prepared if any of this comes to fruition.

It’s important to acknowledge that we are actively speaking to clients about things that we believe could affect them in the future and are reaching out proactively, but if you have any additional questions or simply want to have a discussion around these changes and your finances, please feel free to always reach out. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.