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Tax Planning continued from page 48

general partnerships and S corporations ( among other structures ). While this may concern those with more aggressive tax strategies , it ’ s important to get ahead of it . Talking to your clients about the benefits and the importance of transparency can bring them some peace of mind .

Advisors should also be ready for the sunsetting of several provisions of the Tax Cuts and Jobs Act of 2017 , since extending them would cost the federal government

$ 3.3 trillion , according to the Committee for a Responsible Federal Budget , a think tank . Under the 2017 law , the estate tax exemption sunsets at the end of 2025 , so financial advisors , tax professionals and their clients should prepare .

The law also currently gives taxpayers higher standardized deductions , a reduced estate tax , lower tax rates at all levels , as well as deductions on qualified business income , though it also places a $ 10,000 limit on state and local tax deductions . You should start preparing clients for how the upcoming changes will affect them .

Every year , tax brackets change to accommodate the changing market environment , which gives advisors this opportunity to revisit and have conversations with clients about other timely IRS rulings . When you ’ re fielding questions about 2024 changes , you should also start a “ tax wellness checkup ” in your end-ofyear routine . That will show your clients that you have your finger on the pulse of the developments most pressing for them and their plans .

STEVE WITTENBERG is director of legacy planning at SEI .

MARCH 2024 | FINANCIAL ADVISOR MAGAZINE | 59