How Will Tax Code Changes Affect High-Net-Worth Investors?
Taxes were a huge part of President Trump’s campaign but so far the Trump administration hasn’t announced any new legislation. However, even though no big tax changes have been made to our country’s tax system they are almost certainly on the way. Depending on your financial status, the expected changes could have a huge impact on you going forward.
Particularly, high net worth individuals are expected to benefit greatly from President Trump’s new tax code. However, when it comes to investing there is a lot of uncertainty as to how any possible tax changes will affect the portfolios of high net worth investors.
Trump has promised to lower taxes on both individuals and corporations. Part of his strategy is to lower capital gains, which would be good news for all investors. However, in order for top investors to stay on top they will have to buy into the right investments to maximize their tax savings.
Many wealth managers are already gearing up for the expected changes and several agree that private placement life insurance is a good bet. According to one wealth-planning manager, PPLIs “provide cash value appreciation based on a segregated investment account and a life insurance investment.”
PPLIs have long been a popular choice for the extremely affluent since the early 1990s, but they are now available to an even larger group of wealthy investors, and they are a great way to accumulate wealth and achieve large tax benefits. Therefore, it’s very likely that many high-net-worth individuals will be adding PPLIs to their portfolios as tax changes take place.
http://www.forbes.com/sites/russalanprince/2017/02/07/changes-in-tax-code-will-lead-to-changes-in-high-net-worth-investment-portfolios/#ce634f681e99
How To Avoid Taxes on Income From Selling Expensive Art?
Income tax on sale of Paintings Are you a collector of rare and expensive art? Are you tired of getting hit with high tax bills every time you sell one of your pieces? Anyone who deals with extremely value collectibles like artwork knows how expensive these works can be. Taxes for artists At the same…
IRS Blames Budget Cuts for Smaller Workforce, Poorer Customer Service
If you had any less than desirable experiences with the IRS this year then you’re probably not alone. That’s because the top tax agency continues to be plagued by complaints of poor customer service and a general lack of assistance. According to the IRS there’s good reason for that. The agency says it cannot keep…
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
Economists, politicians and people in general like to discuss the nation’s economy and where it stands at any given moment. There are many different points that are touched on and several aspects that are used as evidence to make important points. However, one indicator of the economy’s health that can never really be argued is…