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Now that the 2016 tax year is over, it’s not too early to think about planning for 2017 taxes and making tax planning a year-round activity. This year’s tax planning guide addresses potential strategies to consider amidst the uncertainty in the tax landscape, highlights important deadlines, discusses the related changes being proposed in the Trump administration and GOP House plans, and more for 2017. With this in mind, planning with flexibility is key to putting yourself in a positive position.

Many successful individuals and prominent families do not realize the full benefits of strategic financing or leverage, especially when it comes to wealth and estate planning. In fact, an estate or succession plan that includes appropriate borrowing strategies can help preserve a family’s legacy and enable more efficient transfer of wealth from one generation to the next—and beyond.

In light of the portability opportunity and the recent proposal by President Trump to eliminate the estate tax, many people may believe trusts no longer serve a useful purpose in their estate plan. However, trusts still may play a critical role in taxable estates and those estates under the taxable threshold. There are also many non-tax benefits of trusts that should be considered, including asset protection, marital property protection, and a suitable management structure for inherited assets.

Interest in environmentally focused investment strategies is growing. For example, the Low Carbon Investment Registry launched in 2014 has shown that total investments have increased from $24bn in 2014 to $57bn through March 2017. Among the plethora of strategies aimed at addressing climate change risk, divestment—electing not to invest in companies owning fossil fuel reserves—is a popular choice. This momentum has encouraged investors to think about their role in the transition to a low carbon economy and to search for possible solutions in the area of responsible finance.

Many families recognize the importance of preparing future family leaders for the responsibilities of wealth through education programs. It’s a process that needs to be cultivated over many years in a thoughtful and planned manner. However, far too often the next gen education programs fail to get off the ground or maintain momentum. Family members become disinterested, disengaged, or simply don’t attend. It can happen when families make five common mistakes in developing an education plan for their rising generation.

No matter what stage of the business cycle you are in, you should always have a defined strategy for your business operations and potential exit. For many family business owners, the sale of their business will be the single largest transaction of their lives. Yet many enter this transaction not fully prepared. To ensure you maximize your sale, there are eight key items to consider before commencing a business sale, beginning with understanding what your business is actually worth in the marketplace and knowing the difference between the business value and the enterprise value.

President Trump’s recently released “core principles” for tax reform and simplification initiates the beginning of what is sure to be a heated debate over the future of U.S. tax policy. The announcement was short on policy details and far from enacted legislation. Also, the legislative process is complex and slow, particularly for tax legislation. The few details that were provided in the administration’s announcement have the effect of moving the Trump plan closer to the House Republican Plan, known as “A Better Way.”

For many wealthy individuals, meeting their annual lifestyle needs is their top priority. Having a Portfolio Reserve—a mix of risk-control assets and high-quality bonds—helps fund the core lifestyle while protecting the spending during times of market distress. Deciding when to activate it is a personal decision that, in part, depends the risk preference and willingness to make potential trade-offs.

Companies manage many risks, and it’s easy for boards to get bogged down discussing financial and compliance risks. But that can mean they’re not paying enough attention to risks that are truly critical, including cybersecurity that is continually evolving or threatening. Directors need to make sure they have an effective risk management (ERM) program and are focusing on the right key risks—the ones that could spell success or failure for the company.

Tax positions of a candidate are aspirational, and the newly-elected president will need to work with Congress to implement tax changes. In a summary comparing the outline of the tax reform proposals the Trump administration released on April 26, 2017 and the proposal the House GOP put forth in June 2016, it addresses the topics that are most relevant to high income and high-net worth taxpayers. As stated at the April 26 press conference, the Administration’s proposals are at the beginning stage of a process to develop a detailed tax plan.