Private Wealth Tax Planning Guide: Considerations for Your 2017 Tax Planning

Given the uncertainty after the 2016 presidential election, it is critical to implement the best strategies to minimize taxes come April 15, 2017 (and beyond). While it is unclear which tax reforms will be pursued and what order, there are considerations and informational points—broken down by tax areas in a summary of planned changes—that will provide some education relevant to higher-income taxpayers. At a high level, whether looking at individual or business taxes, the most basic principles of year-end tax savings are deferring income into the subsequent year and/or accelerating deductible expenses into the current year. It may also be beneficial to consider additional practical planning, such as making typical annual gifts, completing charitable plans, integrating life insurance, and reviewing current trusts or considering new trusts.