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Woodford said not to wait for Election Day to implement an estate plan.
For business owners,year-end depreciation planningmay also be a helpful strategy to explore, Woodford continued.
In addition, he is unlikely to raise business income taxes he may even make these lower.
Therefore,additional planning opportunitiescould arise for Americans in these groups as well, Woodford said.
Your financial advisor can help you navigate these and other changes as you think about your overall financial goals.
It is also likely that Harris would support the American Housing and Economic Mobility Act of 2024.
Stick to the fundamentals, Woodford said.
Continue to review estate plans and keep flexibility in your financial and tax planning goals.
Dont miss the opportunity to contribute to retirement accounts and take business deductions when you’re free to.
As forlarger individual charitable giving, make plans that incorporate multiple years for added deduction agility.
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