Dan Rahill's Guide to Post-Election Tax Planning
Daniel Rahill, Managing Director, Wintrust Wealth Services presented a guide for post-election tax planning
If Democratic presidential nominee Joe Biden wins, his administration is likely to try to roll back many of the 2017 tax cuts, including the $11.58 million gift and estate tax exclusion amount, and increase capital gains and payroll taxes on top earners. If President Trump wins reelection, he is likely to make the 2017 tax cuts permanent.
Dan offered some planning suggestions: A lower income tax rate is generally favorable for Roth IRA conversions to lock in lower tax rates on pre-tax retirement savings; deduction deferrals and income acceleration strategies—such as capital gains harvesting—are sound recommendations in anticipation of rising tax rates; give inheritances now to heirs; establish an S Corporation.
Dan gave some very detailed, useful information. If you are interested in receiving a recording of his presentation or a detailed outline of the material, contact Debora Morris (debora@pftl.net).