No matter how the vote goes, elections create opportunities and consequences that can affect everyone’s bottom line.
To help navigate the financial forecasts from the 2020 presidential election, Mitchell A. Drossman – Bank of America’s Head of National Wealth Strategies – recently shared his insights with the Community Foundation of Broward’s Professional Advisors Council.
The Professional Advisors Council is an elite group of attorneys, accountants and financial advisors who have referred clients who create charitable Funds at the Community Foundation. Opportunities to hear from wealth and estate planning experts is one of the benefits for professional advisors who collaborate with the Community Foundation. Our council now meets via video conference to help everyone stay safe during the pandemic.
The latest virtual Professional Advisors Council meeting featured Mitchell’s compelling presentation entitled, “Impact of the Elections on Income, Wealth and Estate Planning.” He covered topics such as:
- Expectations for attempted elimination of the Trump tax cuts, which could increase the top marginal rate from 37% to 39.6%.
- Potential elimination of the preferential tax rate for qualified dividends and long-term capital gains.
- The ramifications of a push to decrease the estate, gift and GST tax exemptions and a potential increase of the estate, gift and GST tax rates.
- Regulatory changes that could curtail valuation discounts and other popular estate planning strategies.
- Click here for more details about potential elections repercussions.
One-size-fits-all responses to tax law changes don’t usually work, Mitchell said. Professional advisors can help clients identify the best strategies that factor in the impact today and down the road, he said.
Also, professional advisors should keep in mind that charitable giving is a valuable way to counterbalance increased tax exposure that may arise, according to Mitchell.
“Whether it’s a gift to the Community Foundation or a gift to elsewhere, charitable gifts are important,” he said.
For clients interested in charitable giving, the Community Foundation is a go-to resource to navigate charitable planning opportunities. We partner with advisors to maximize their clients’ giving power. Whether it’s with a gift now or through an estate plan, we help philanthropists achieve their charitable goals – and create a BOLD impact on the community they love.
Click here to see a video of the recent Professional Advisors Council meeting that featured the presentation entitled, “Impact of the Elections on Income, Wealth and Estate Planning.”
To learn more about the Professional Advisors Council and the benefits of partnering with the Community Foundation of Broward, contact Senior Director of Philanthropic Services Mark Kotler at mkotler@cfbroward.org or 954-761-9503.
