Estate planners and wealth managers believe that some clients may want to pay capital gains in a way that doesn’t trigger the higher rate proposed by the U.S. president.
“We should challenge our perspectives on wealth planning away from maximizing unrealized capital gains and deferring taxable income to better co-exist with these tax reforms,” says StrongBox Wealth managing partner Chuck Cooper III.
“We have clients who are wanting to sell their business within the next three to four years, and they’re considering — hopefully not in haste — really accelerating their plans,” one advisor says.
“At times, reaching out to professionals just seems like a cost and not an investment into the future” for some families, says Interchange Capital Partners’ Brian Baum.
The new partnership will let Janney Montgomery Scott's financial advisors access model portfolios to reduce clients’ taxes through tax-loss harvesting and other methods.