Tax increases on local or the state level could be levied against real estate in the near future. A new CNBC millionaires’ survey identified that 43% of millionaires shared that they already pay too much in taxes. Many of those millionaires are bracing for a potential tax hike in the next year due to the new presidential administration.
The survey included 750 people who had investible assets of larger than $1 million. The wealthy expect some form of tax increases due to the new administration as well as soaring deficits and spending. Those who responded to the survey said they planned few changes in their financial strategies or investments due to potential tax increases.
However, 16% of them said that they planned to make changes to their giving or estate planning. If you are part of a high net worth couple or family, it’s a good idea to consult with an experienced tax professional in addition to an estate planning lawyer to discuss your next steps and to create a plan for potential tax increases.
No matter what changes are on the horizon, you could on your team of professionals to help you adapt and create a plan in line with state or federal changes or even shifts in your own strategy or family.
The support of a dedicated estate planning lawyer can help you navigate changes as they come and keep you abreast of important issues that arise in the state or federal planning landscape.