Posted by Gregory Michel

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).