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Wealth & Tax Management Key Takeways
- On May 28th, the U.S. Treasury Department released the “Green Book”, which was a 114-page explanation of the tax reform proposals from the Biden Administration, including details of “The American Families Plan”, which is directed at individual level taxation. Numerous proposals to substantially increase income taxation are on the table and warrant the serious attention of our clients.
- The table on the following page summarizes six of the proposed changes to illustrate the significance of these potential tax increases. Depending upon what changes actually become law, advanced tax planning tactics to legally minimize such taxation exposure will be more prudent and important than ever.
- Anticipating this possibility, for the last 24-months we have engaged in adding a variety of advanced tax planning and management capabilities to our already strong line-up. All are designed to help us and our clients navigate the more challenging tax code landscape ahead.
- For instance, adding Separately Managed Accounts (SMA’s) that employ our desired factor tilts and potentially provide significant tax alpha benefits, via sophisticated tax-sensitive trading techniques, is a strategy we have proactively implemented with our clients with the highest taxation exposure.
- Depending on which changes become law, a variety of portfolio management, retirement planning, estate planning and tax planning adjustments may be in order.
- As always, upcoming Semi-Annual Clarity Sessions with clients will include discussions related to additional tactics we think you should consider implementing and we encourage you also to be in touch with your estate planning counsel, business legal counsel, tax lawyer and CPA.
- Given political negotiations, pundits, and press conferences, all covered by cable news 24/7, it is always a bit challenging avoiding overreacting or under reacting to such alerts. We are engaged with numerous advanced sources of intelligence and analysis on the matter and are happy to conduct a consultation with you. Simply email or call us and we will set up a time to specifically discuss these matters with you.
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