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    4. Planning for a potential change in the White House and CongressArticles

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    Planning for a potential change in the White House and Congress

    Aug 27, 2020

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    Any election year has financial implications and 2020 may have more than usual due to COVID-19 and the situation we have in the U.S.

    Year-end planning for 2020 has to include planning for a potential change in the White House and the Congress. We certainly have already faced dramatic income and tax-related issues this year. Many have been impacted by the SECURE and CARE Acts. How our tax returns will look and how our tax liabilities will end up for 2020 is yet to be seen.

    The news reporting on wealth disparity in the U.S. has also made headlines. Former Vice President Biden, the Democratic presidential nominee has developed various tax policies, which, if enacted, will cause major changes to the estate tax, income tax on capital gains, and itemized deductions (to name a few).

    Now is the time to review your gift and estate planning decisions. If Mr. Biden is elected, the policies he is proposing will not be in play until after he takes office. This makes year-end planning more challenging, but not impossible. We recommend that you take this time to talk with your advisors about how best to manage your assets, gifting, IRA distributions, and income so you end up with the best possible tax plan during this election year and into the future.

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