Potential tax reform could drastically alter how to approach tax planning. For this and other reasons, it is important that you stay actively involved in your tax planning before and after the 2017 tax year ends. In this section, we detail key considerations that may apply to you--from investment strategies like intra-family loans, to the timing of itemized deductions.
Effective tax planning can significantly benefit your financial position.
There weren’t many significant tax law changes enacted that would impact the 2017 filing season. However, the White House and Congress have made it clear that major tax reform is a priority and this fall the Republican Party released a framework with fewer income tax rates for individuals, larger standard deduction, child credit and a repeal of the estate tax.
Potential tax reform could drastically alter how one approaches tax planning. It might require you to act in a timely manner to incorporate proposed new legislation into existing tax planning strategies, or developing strategies better aligned with the new legislation.
For high-net-worth individuals, comprehensive tax planning requires careful attention across a wide range of areas, which are discussed in greater detail in this chapter which you can read below. These areas should be considered not only within the economic and legislative context of the next few years, but also with the long view in mind. In taking this approach, the decisions you and your tax advisors make now can help preserve your wealth.