Gifting, Income Levels Biggest Tax Concerns For Wealthy

Tax planning for wealthy clients looking to prepare for the potential expiration of certain Tax Cuts and Jobs Act provisions often involves several considerations. Our Planning Partner Todd Neal was recently interviewed by Financial Advisor Magazine about his thinking and strategy.

Clients should bunch charitable gifts, typically gifted over years, and potentially take advantage of a larger charitable deduction, “especially with the current limitations or suspensions of several other itemized deductions,” Neal told Financial Advisor.

“Donating certain long-term appreciated assets to select charities may have multiple benefits: a deduction based on the FMV of the donated asset and the ability to avoid paying capital gains tax on the asset’s unrealized appreciation,” Neal said.

You can read Todd’s complete interview here.