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Build Back Better TAX PLANNING: End-of-Year Checklist

So much change, so little time. The last two years have changed us all—our families, our government, our finances. And now we have a new tax and spend bill that looks like it’s going to get through Congress. As 2021 nears the finish line, it’s time to take a critical look at your own planning. Has your tax situation undergone a tectonic shift? What steps can you do now to save taxes? Has there been a death, bankruptcy, marriage, birth, divorce, or retirement that requires an adjustment in your Living Trust or overall Estate Plan? What has become irrelevant, what needs rethinking, and how can you enter 2022 fully prepared for whatever comes next?

In this legal webinar, California Estate Planning Attorney Jim Cunningham discusses:

Your End-of-Year Checklist:

Make a list of your assets (and “stuff”)
List non-physical assets
Create a list of debts
Membership lists
Make  copies of your lists
Review your retirement accounts
Update your insurance
Check POD/TOD designations
If you have no Will or Living Trust

Tax Planning Issues such as: Proposed 62.1% Income Tax Bracket and Higher Death Taxes
Who is affected by what provisions in the Build Back Better Act?
Proposed 62.1% Income Tax Rate
Expanding the definition of “Net Investment Income,” Trusts and Estates
5% Surcharge on High Income Earners, Trusts & Estates
Extra 3% on High-income Earners, Trusts, and Estates
The “Over $200K” Problem
Other component of BBBA such as Cryptocurrency

We’ll also discuss some case studies and key takeaways and perhaps most importantly:
What should you be doing now?

Our Family Office Practice can help you take all the necessary steps to ensure you’re saving taxes wherever possible. Contact us to find out how!

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