Preconference Workshop: Tax Planning Over the Next 5 Years

Tax Planning is once again at the crossroads of uncertainty. The 2024 election may result in a new Congress making major tax law changes – or not. The 2017 Tax Cuts and Jobs Act sunsets at the end of 2025. For the transfer tax exemption, this means a reduction to $5 million indexed for inflation after 2017 instead of the current exemption of $12,920,000. This will affect the gift tax, estate tax, and generation-skipping tax. 

Income Tax rates will increase. Grantor Trust planning is threatened to be curtailed by proposals from the current administration. Members of Congress are suggesting new taxes on high-net-worth individuals. Political outcomes will greatly influence the next five years of tax laws and planning. Will the 2017 law actually be sunset? What to do now? What income tax planning, gift tax planning, estate tax planning, generation-skipping, and business succession planning should be considered now? This workshop will address suggestions of what should be done anticipating these changes.

Learning Objectives:

1. Address the current state of tax laws and the planning opportunities presented
2. Discuss the changes in the law that will arise if the 2017 act sunsets after 2025
3. Review the proposals for changes in the tax laws presented by the current administration
4. Explain the planning techniques that are currently viable, how and when to use them,and what may happen to them