Media Round-Up: Trump & Year-End Tax Planning Tasks

Investment News
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McManus & Associates recently reviewed the “Top 10 Year-End Tax Planning Tasks” in light of President-Elect Trump’s pre-election tax platform with clients. Soon after, he had a lengthy conversation with Investment News reporter Greg Iacurci on the topic. Iacurci then put together an informative, engaging slideshow based on the discussion, “8 tax moves to make this year ahead of Trump’s presidency.” From the intro:

President-elect Donald Trump and the Republican-controlled Congress have said tax reform is a high priority next year. Mr. Trump’s agenda includes items such as repealing the estate tax, consolidating income tax rates and lowering the top income tax brackets.

Although there’s no certainty of any concrete reforms occurring next year, financial advisers are betting on legislation next year and telling clients to make certain moves by year-end.

John McManus, estate-planning attorney and founding principal of McManus & Associates, offers some actions to take this year based on Mr. Trump’s current proposals.

Below are the 8 tax moves to make now, according to McManus and Iacurci:

  1. Accelerate income tax deductions
  2. Don’t buy any capital assets this year
  3. Use an irrevocable, dynastic trust
  4. Postpone Roth conversions
  5. Postpone the receipt of income
  6. Distribute income from trust accounts
  7. Establish and fund an IRA
  8. Harvest losses to offset capital gains

Check out Iacurci’s full piece by clicking here.

Additionally, converted a guest article from McManus into a slideshow, titled “Trumpeting 10 Year-End Tax Strategies Before They Evaporate.” The feature was highlighted in both the publication’s “Morning Memo” and “The Estate Planner” newsletters. Click through the slideshow here.

Additionally, Gerry Beyer, Professor of Law at Texas Tech Univ. School of Law and author of the blog Wills, Trusts, and Estates Prof Blog (a member of the Law Professor Blogs Network sponsored by Wolters Kluwer), posted a write-up listing McManus’ tips. Check it out here and browse Beyer’s blog for more great info related to estate planning that’s both useful and timely.

For even more details on the topic, head over to MarketWatch for the firm’s release on its recommendations!

And call us now at 908-898-0100 for trusted advice on year-end giving and tax strategies.