Please watch this one-minute video prior to Step One and Step Two
Please watch this one-minute video prior to Step One and Step Two
Please watch this one-minute video prior to Step One and Step Two
THE SCOPE™ INSTITUTE
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Should You Seek A Second Opinion Given Several Tax Proposals Under Review?
You are smart and empowered when you seek a second opinion.
Multiple perspectives allow you to acquire more information, which means better outcomes that impact your life.
There are several tax proposals under review.
The Biden tax proposal, which increases corporate and personal income tax rates with no mention of changes to the estate taxes or repeal of the SALT limitation. Most of the income tax changes are aimed at taxpayers earning more than one million per year and will recognize CG’s at gift or death with significant exemptions.
The Sanders bill, which is aimed not only at the income tax rates but also the estate tax exclusion amount, will also limit gift exemptions and is centered on removing many of the tax reduction strategies we currently employ. If enacted, the effective date would be retroactive back to 1-1-22 for certain changes, whereas others would be effective upon enactment.
The Van Hollen bill looks to treat transfers by gift, death, or trust as gain recognition events. Van Hollen has also proposed reducing the estate tax and gift tax exclusion dramatically. Similar to the Sanders bill, it is also looking to do away or change many of the tax reduction strategies. If enacted, the effective date would be retroactive back to 1-1-21.
Lastly, there is the Pascrell bill. This bill would treat only transfers by gift or death as gain recognition events. The bill would tax gains on assets in trust every 30 years, whether sold or not and wants to allow 7 years for payment of taxes due versus 15 years in the Van Hollen bill. If enacted, the effective date would be 1-1-22, giving time to plan accordingly.
Yes, I would like a second opinion.
SCOPE provides you access to our faculty for a second opinion that matters because our faculty members are renowned fiduciaries — meaning they have a legal obligation to act in your best interest when making recommendations.
To schedule a phone call with one of our astute faculty members, continue below.
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Prequalifications:
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You must be 18 years or older
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You must be a legalized U.S citizen
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Your assets must be 5MM or more.
Our qualification process is simple. By completing this confidential form submission and answering of few of our questions, we can align you with the proper SCOPE™ Wealth Strategist. This helps to ensure that you have an informative conversation with a member of our faculty.
