Possible tax law changes could have a considerable impact on high-net-worth individuals in the very near future. Now is the time to be proactive and minimize the impact.
In late May, the U.S. Treasury Department released General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (aka the “Green Book”), setting forth a description of the administration’s revenue proposals. The Green Book contains several proposals that could dramatically impact tax liabilities for high-net-worth taxpayers.
There are a few key steps these individuals and their families can take to protect their wealth and their heirs. There are dozens of estate planning strategies, and each person needs to have an advanced estate plan specifically tailored to their situation. However, most advanced estate planning strategies make use of one or more of these attributes in order to achieve the tax break.
HOW WE CAN HELP:
These potential changes can be confusing and overwhelming, to clearly understand how they may impact you and your family, WATCH OUR FREE WEBINAR AND DOWNLOAD OUR FREE eBOOK [Link Below]. “Playing Robin Hood: The Government Introduces Plans To Tax The Rick To Help The Poor”.
In our recently recorded webinar and eBook, Top Estate Planning and Tax Law attorney, Dennis M. Sandoval, of Sandoval Legacy Group, a division of Holstrom, Block & Parke, covers the following, and more:
- Who will be impacted by these tax law changes?
- What is the 99.5% Tax Act and how does it work?
- Specifically, how will the government crackdown on current estate planning techniques to reduce estate taxes for wealthy individuals?
- How will these estate planning strategies drastically change?
- Recommended planning strategies that you can implement before these laws take effect, including:
- Prepay at a discount
- Squeeze the estate
- Freeze the estate
- Benefitting charity while saving on estate taxes
- Gift and estate tax
- Increased taxes on the rich
- Increased capital gain tax rates
- Limiting Section 1014 “step-up basis at death”
- Section 1031 “like-kind exchanges”
- Medicare tax reform
- … and much more!
INDIVIDUALS WHO NEED TO ACT NOW:
Families with estates greater than $3.5 million may be at risk. You need to act now to decide whether further action should be taken! If your net worth is $3.5 million or more, you need to contact us to schedule a consultation to determine whether these proposed tax changes will affect you. And if so, how? If appropriate, you can then retain our tax and estate planning experts to develop a plan that outlines various options that may be available to you to reduce, or even eliminate, the estate tax. Due to possible changes in the law, many estate and tax law firms, including the Sandoval Legacy Group, have been exceedingly busy with estate tax planning since the last quarter of 2020 and are generally operating at capacity.
If you want to learn what can be done to reduce potential estate tax increases, you must act now as the window of opportunity to conduct this planning is closing quickly and our capacity to schedule more consultations is limited. Contact us today or give us a call at (951) 787-7711 to schedule your consultation as soon as possible.
Thank you for viewing our previously recorded webinar and downloading our FREE eBook.
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WHO IS SANDOVAL LEGACY GROUP?
Sandoval Legacy Group, a Division of Holstrom, Block & Parke, a Professional Law Corporation, is one of the most experienced probate, estate planning, elder law, and tax law firms in Southern California. Its managing partner, Dennis M. Sandoval, is the only attorney in California with specialist certifications in the three areas of Estate Planning, Trust & Probate Law; Taxation Law, and Elder Law. Dennis is also a Southern California Super Lawyer and his associate, David Hamilton, is designated as a Rising Star by Super Lawyers.