2024 essential tax and wealth planning guide

Key takeaways

1. Prospects for a year-end tax bill are uncertain due to government funding struggles and policy differences. The short-term continuing resolution and potential for an omnibus spending measure create additional uncertainty.
2. As the family’s wealth grows, often so does the complexity and need for professional management of important task. Those offices that embrace modernization will be best equipped to adapt.
3. By engaging in strategic charitable planning—documenting reasons for giving, developing a mission, and creating focus areas for philanthropic goals—families can ensure that their diverse philanthropic interests can be pursued.
4. Taxpayers should think about the tax implications at both the federal and state levels when deciding how to elect pass-through entity taxes in different states. They should also evaluate the total costs and benefits associated with their choices.