2020 provides unique year-end tax planning opportunities for several reasons, including lower tax rates, the Secure Act passed in late 2019, and the Cares Act passed earlier this year. While we expect there to be tax code changes down the road as a result of a new presidency and legislature, it is important to stay focused on current tax planning opportunities with an eye to the future.
Potential opportunities include
Income Bracket Management:
We are including our 2020 End of Year Checklist for your review. Please feel free to reach out to us with any questions.
Last month we wrote about essential planning documents for our young adults. This month it is all about you! Living through a third surge of Covid-19 is reason enough to get your house in order.
Ideally, you have executed a complete set of estate planning documents, including a will, revocable trusts, health care power-of-attorney, advance directive, and durable power-of-attorney. If your estate is larger and/or more complex, planning may extend beyond these documents.