Tax and wealth planning

Perspectives

2020 essential tax and wealth planning guide

Individual tax planning in a changing economy

Tax and wealth planning require individuals, family business owners, and family offices to keep up with the latest insights, issues, and strategies. In today’s environment, this agile planning is especially critical. The Deloitte 2020 essential tax and wealth planning guide can help you manage your approach amid COVID-19 and its economic impacts.

Tax and wealth planning during COVID-19

2020 has been a bumpy ride, and there may be more obstacles ahead. Just as experience and reflexes help a driver navigate around a fallen tree in the road, with knowledge and resilience, you can prepare yourself to adjust to the ever-changing tax and economic circumstances that affect individuals, their families, and their businesses.

In the first installment of Deloitte’s 2020 essential tax and wealth planning guide, we offered valuable insights on tax policy, philanthropy with private foundations, and wealth transfer considerations. In our second and final installment for this year, we continue to prepare for what may lie ahead with informative maps and milestones for your journey onward.

Inside the latest installment: November 2020

Tax policy

Wealth transfer planning

Tax policy in the new year: Voters opt for a change in course shares the latest information on continuing legislative guidance and relief in response to the COVID-19 pandemic, including observations from the recent presidential election and the potential impact on high-net-worth tax planning.

Wealth transfer: Staying the course and seizing the day pinpoints areas on your wealth transfer planning road map that may require attention before the close of 2020.

 

Download the tax policy section
Download the transfer planning section

Interest tracing

Deductibility of losses

The complexity and flexibility of interest tracing provides the rules of the road to deductibility of interest expenses, including insights from recently released proposed regulations.

The 2020 reboot of individual loss limitations will help you determine whether there is a silver tax lining to any losses sustained in recent months.

Download the interest tracing section
Download the deductibility of losses section

Look back at the first installment: June 2020

Download part one of the 2020 essential tax and wealth planning guide

Tax policy

Philanthropic planning

Wealth transfer planning  

Our chapter How the 2020 presidential candidates propose to tax affluent individuals includes familiar, but now altered, discussions of the upcoming presidential election and continuing legislative guidance and relief in response to the COVID-19 pandemic.






 

How can private foundations respond to COVID-19? Seven key questions to ask examines how private foundations and individuals are reexamining their role in the community and seeking alternative philanthropic avenues to make a social impact. Now that the federal government has declared the COVID-19 pandemic a national disaster, there is additional flexibility in how foundations can be powerful tools in times of crisis.
 

When given lemons, make lemonade provides insights on the new path you may consider when furthering your wealth transfer road map in the current economic climate. The current volatility of the financial markets, coupled with the low-interest-rate environment, presents unique considerations around wealth transfer and utilization of the increased applicable exclusion amount provision of the 2017 Tax Cuts and Jobs Act.
 

Download the tax policy section
 
Download the philanthropic planning section
Download the transfer planning section

Archive: 2019 essential tax and wealth planning guide

  • Installment one (February 2019): Our first installment features valuable insights on important tax issues likely to affect your planning. Chapters cover individual tax planning and tax policy in the wake of the first year of tax reform.
  • Installment two (August 2019): The second installment of our tax and wealth planning guide helps you understand how wealth transfer planning and the international tax landscape have become more complex and require additional consideration under the new tax law. Also included are tax policy developments.
  • Installment three (October 2019): Our third tax and wealth planning guide installment covers loss limitations post-tax reform, further observations about wealth transfer planning, insights into year-end tax planning considerations, and a tax policy update.

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