This year-end guide explores year-end planning concepts related to high-net-worth individuals and families.
Unless Congress intervenes, many significant provisions of the historic Tax Cuts and Jobs Act of 2017 (TCJA) will not apply for tax years beginning after December 31, 2025, including the increased estate and gift tax exemption threshold. The estate tax and gift tax apply to transfers of money or property a taxpayer makes, whether while alive (gift tax) or at death (estate tax). The lifetime estate and gift tax exemption allows taxpayers to avoid tax on these transfers up to a certain amount.
The rolling of the calendar year represents not just a new year but a new cycle of aggregating and analyzing substantial amounts of data for the family’s back office. While planning for the year ahead, family offices should reflect on the prior year and analyze whether the accounting and finance function is providing a high level of value and if it aligns with the family’s goals and objectives.
As we approach the end of another year, please prepare yourself and your family by considering these strategies for retirement planning, charitable giving, income tax preparation, and investment and insurance planning. Understand how these strategies may impact your personal situation.
The U.S. economy grew at an above-average pace in the second quarter and appears to be on track for comparable results in the third quarter. Inflation continued to decline, prompting the Federal Reserve to cut rates for the first time in September. These factors created a positive backdrop for financial assets, leading to strong gains for both stocks and bonds.
Be sure to check out our Legislative Year-End Tax Guide, where we look at some significant legislative tax developments in 2024 to help you prepare for next year.
Also, view our Tax Specialty Year-End Guide for more year-end planning considerations on clean energy, state and local tax, research and development, and more.
For additional discussion of these items and how they may impact you and your family, please contact one of our Forvis Mazars Private Client professionals.
Forvis Mazars Private Client services may include investment advisory services provided by Forvis Mazars Wealth Advisors, LLC, an SEC-registered investment adviser, and/or accounting, tax, and related solutions provided by Forvis Mazars, LLP. The information contained herein should not be considered investment advice to you, nor an offer to buy or sell any securities or financial instruments. The services, or investment strategies mentioned herein, may not be available to, or suitable, for you. Consult a financial advisor or tax professional before implementing any investment, tax or other strategy mentioned herein. The information herein is believed to be accurate as of the time it is presented and it may become inaccurate or outdated with the passage of time. Past performance does not guarantee future performance. All investments may lose money.
