(Tuesday, July 21, 2020, 9:00 p.m.) For business owners, professionals, and wealthy retirees, tax rules are about as favorable as they've been in decades, but the tax pendulum is likely to swing back the other way. You don't need to be a political pollster to know higher taxes are likely in the years ahead, with U.S. Government debt soaring and the U.S. Senate possibly changing parties. Now is the time to consider how a reset in tax policy is likely to affect you and your family.
Managing wealth requires tax planning. If investment management is the sizzle, tax planning is the steak.
Retirees, for instance, have a significant opportunity to create a lifetime tax-free income stream by converting to a Roth IRA. But they must act by the end of 2020 and getting it done correctly requires careful advanced planning and forethought.
The difficulty in tax planning is that it is entirely dependent on your personal situation, including complex variables such as the needs of your children or other heirs, your charitable inclination, your age and health and a host of other personal preferences. It's personal.
At the risk of sounding alarmist, today really is a good time for business owners, professionals, and families with wealth to be considering tax minimization strategies.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.
© 2024 Advisor Products Inc. All Rights Reserved.
Eagles' Club in LA, CA for assistance with managing your portfolio.
Eagles' Club
Administration office:
120 Encino Avenue
Camarillo, CA. 93010
Los Angeles Office
10880 Wilshire Blvd. Suite 2222
L.A, CA. 90024
Fax: 818-992-9997
Toll Free: 866-900-AIDA
aida.eaglesclub@adviserfocus.com
Mutual of Omaha Investor Services, Inc. and its representatives do not provide tax or legal advice. Any tax or legal information provided here is merely a summary of our understanding and interpretation of some of the current regulations and is not exhaustive. Tax-law is subject to frequent change; therefore it is important to coordinate with your tax advisor for the latest IRS rulings and specific tax advice, prior to undertaking an investment plan.
Securities offered through Mutual of Omaha Investor Services, Inc. a Registered Broker/Dealer. Member FINRA/SIPC. Advisory services offered through Mutual of Omaha Investor Services, Inc., a SEC Registered Investment Advisory Firm. Eagles' Club and Mutual of Omaha Investor Services, Inc are not affiliated.
Securities, Insurance and Advisory licensed in State of California. California Department of Insurance License Number 0660322. Also Insurance licensed in Kentucky.