Tax Law changes keep all of us busy and alert. It is our job to help monitor the potential changes that our clients face so that we can proactively address and evaluate the impact of tax law changes. Most clients don’t have the time to keep current on tax law changes but more importantly understand the consequences to your situation. That is our goal at Planning Solutions Group:
1. Reducing the value of itemized Deductions for High Income Tax Payers to a 28% deduction.
2. Increasing Capital gains tax rate to 24.2%.
3. Imposing the Warren Buffet 30% minimum tax on income exceeding $1,000,000
4. Lowering the estate tax exemption to $3,500,000 and increasing the tax rate to 45%
5. Eliminating the “Back Door” Roth IRA conversion.
6. Reducing the Stretch in “Stretch IRA” to 5 years instead of life expectancy
7. Restricting contributions for those with existing large qualified plan balances
8. Requiring retirement plans to include employees who work 500+ hours
9. Allowing small estates that want estate portability and that don’t file an estate tax return from filing form 8971.
Many of the proposed changes will not apply to proactive clients as we believe that your decisions and actions would be grandfathered. Please let me know of your needs. To email Don: firstname.lastname@example.org.
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Don is a Certified Financial Planner (CFP) and has been in the advisory business since 1987. He is a founding partner of Planning Solutions Group, which was formed in 2001. Planning Solutions Group is a leader in family wealth management comprised of 30 employees and over 1,500 clients with offices in Maryland and Virginia Beach. Don’s practice focuses in the areas of wealth management, business continuity planning, fringe benefit design, and estate planning.
Don is a frequent speaker/educator who empowers high net worth business owners. He provides educational workshops and seminars throughout the nation at Colleges, Universities, Clubs, and Associations including Christopher Newport University, Montgomery College, and Johns Hopkins University. He has been a featured speaker for many trade associations including, the DC Bar, Associated Builders & Contractors, Johns Hopkins University-Physicians, Maryland Dental Association, Intermodal Association, National Electrical Contractors Association, Printing & Graphics Association, Virginia Association of Roofing Professionals, and Air Conditioning Contractors Association, and Northeast Equipment Dealers Association. Don is a regular instructor at the NADA (National Automobile Dealers Association) Academy helping dealer candidates and family businesses transition to the next generation. He has been a guest on CNNFN’s TV show for Entrepreneurs Only, as well as a radio guest on WTOP, WEAA, WPGC and on WBAL Radio’s Ron Smith Show.
Don sits on the Board of Hampton Roads Financial Planning Association. He volunteers for the “500 Financially Fit Families Program” in Virginia Beach helping mentor citizens on budgeting and paying off debt. He formerly sat on the Board of Directors for the Johns Hopkins Bayview Burn Center and is a former Board Member of the Easter Seals Foundation of Central Maryland. Don is also the past president of the board of trustees at his church. Don has been recognized as a Five Star Wealth Manager for two consecutive years.