Tax and wealth planning for your family and business

Welcome to the 2020 edition of PwC’s guide to tax and wealth planning

PwC’s Tax and Wealth Planning Guide is updated annually, and includes information on family and business taxes for 2019 as well as 2020. The Guide covers issues related to investment and insurance planning, and options for giving to charity. A thorough discussion of choices and tax implications relating to estate and gift planning is also included, as well as insights on the myriad tax issues stemming from cross border activities, including residency nuances. Lastly, the guide covers topics relating to setting up and maintaining a family office.

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Frank Graziano, US Personal Financial Services Leader

Top issues for tax and wealth planning in 2020

Taxpayers are continuing to grapple with what landmark US tax reform means to them. Some of the complex choices in tax and wealth planning that stem from tax reform and other recent policy changes include:

Accelerating estate and gift planning

Tax reform not only ushered in some major changes for individual payers but crucially put many of the new provisions on a deadline. The opportunity to exclude more property, such as cash, stock or real estate from federal gift and estate taxes is one of those benefits scheduled to sunset after 2025.

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Relocating to a no or lower-tax state

Exploring options on where to live and work is becoming less fantastical as remote working goes mainstream, and the exercise is bringing cost of living differences among states to the forefront for many. As the $10,000 cap on deductions of State and Local Tax (SALT) from federal income tax thus far withstands regulatory reviews, more residents or business owners in high tax states are likely to consider residency in states with no or lower income taxes in 2020.

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Making the right entity choice for the business and the owners

The decision about how to incorporate as a business and thus pay income tax – as a pass-through on owners’ personal returns or as a C corporation with a business return – isn’t quite as clear cut. Tax reform in 2017 complicated the equation with one signature move to drop the statutory income tax rate for corporate entities to 21%. Ultimately, the deciding factor often hinges less on the tax rate and more on the corresponding consequences on how the business is run.

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Frank Graziano

Frank Graziano

Personal Financial Services Leader, PwC US

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