Anyone making money knows how quickly taxes can change. That goes for every type of tax. High-net-worth individuals in Tampa should be aware of what to expect for estate taxes in the near future for proactive planning. This guide covers everything you need to know about future estate tax changes and what they mean for high-net-worth retirees in Florida.
Maggi Tax & Wealth Advisors stays informed on the latest tax developments to help you with estate planning under the guidance of experienced income planners near you. Schedule a consultation today!
There Will Be Less Urgency For Gift Contributions
Good news! You no longer need to feel rushed in getting your gift contributions sorted out. Gift contributions will be seeing an increased limit, and the changes are permanent. High-net-worth retirees in Tampa now have more time to fulfill their estate plan goals without the added pressure of timelines that threaten to “sunset” exemptions.
Basically, you’ll now have a way to support your family in a way that works best for you without the financial strain and time constraints.
Read more > From Family Planning to Retirement Saving: How We Help You Plan For Every Stage
State-Level Estate Taxes Will Persist
The bad? Future estate tax changes won’t account for state taxes. The coming changes are on a federal level, so any state estate taxes that affect you will continue to impact your portfolio management. However, this is still good news for those living in Tampa, seeing as how Florida does not practice estate taxes. This is just something to keep in mind should you choose to move to another state in the future.
High-Net-Worth Individuals Get a Small Break
Ever wish you could keep the taxes on your investable assets low, knowing that future increases are imminent? The estate tax changes that are predicted to affect high-net-worth retirees in Tampa can be used to your advantage. The leeway being offered in the coming changes gives retirees a chance to move their appreciating assets out of their estate to preserve their current value and mitigate taxes.
Want to know more tax strategies for effective private wealth management? Read our guide > Can Advanced Retirement Planning Minimize Both Income And Estate Taxes?
What Can You Do In the Meantime? A Reassessment
These changes have yet to occur, but that doesn’t mean you can’t get started now. Here’s what you can do to plan for the future estate tax changes in Tampa:
1. Meet with a trusted estate planner in Tampa for expert guidance in making big changes to your legacy plan.
2. Make edits to your will to accurately reflect your current wishes based on your financial standing and projected estate tax changes.
3. Update your beneficiaries, should you reconsider after knowing about future estate tax changes.
4. Add a trusted contact to your estate if you haven’t already, as additional risk management when navigating future estate tax changes.
Learn more > Why Seniors Should Add A Trusted Contact With Their Wealth Planner
Are You Prepared For Future Changes? Meet With Maggi Tax & Wealth Advisors For Proactive Planning With Expert Income Planners!
Don’t wait until it’s too late. Meet with experienced money managers in Tampa when you call Maggi Tax & Wealth Advisors at (727) 799-1701 to schedule a consultation. We specialize in estate planning services to keep your assets under management with future changes in mind.
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