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Perspectives

Assessing your wealth transfer legacy in 2024

Staying ahead of an evolving tax landscape

As we navigate the challenges of an election year and its potential tax policy changes, it is crucial to stay proactive with your wealth transfer plan. High-net-worth individuals should prepare for potential tax increases by assessing the broader impact and possible unintended consequences of wealth transfer strategies on matters such as business succession plans or philanthropic goals. For example, one key issue that could cause unintended consequences is domestic and international mobility among family members. Additionally, projecting future implications of a wealth transfer plan can help the family, family office, or family enterprise identify and quantify potentially significant issues that could arise in an IRS examination. Staying ahead of the evolving tax landscape allows for the ability to evolve and adapt as tax policy or life goals change.

Strategic wealth planning in a year of political ambiguity

As the presidential and congressional elections approach, 2024 presents an uncertain time for high-net-worth families and family enterprises. Both political parties are focused on their future agendas, with no significant legislation expected this year. President Biden aims to build on the Inflation Reduction Act of 2022, while Republicans prioritize preserving the Tax Cuts and Jobs Act of 2017. With so much still up in the air, now is the time to be proactive with your wealth transfer planning.

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Wealth Transfer Planning: Assessing the Implications of Your Legacy

Transitioning into 2024, families wanting to establish a plan for their legacy face a period of significant tax uncertainty and simultaneous increased scrutiny with IRS enforcement. Against this backdrop, taking the time to understand the implications and potential unintentional consequences of a wealth transfer plan are very important. Consult with your advisers to work on a detailed ‘legacy assessment’ and to more efficiently achieve your wealth transfer goals.

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Wealth transfer planning: multistate and cross-border mobility considerations

Preserving generational wealth in today’s mobile economy requires smart wealth transfer planning that has a keen understanding of multistate and cross-border tax considerations. We’ll explore the challenges—and opportunities—inherent in planning wealth transfers for families with a broad footprint.

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