The aftermath of any election often fuels speculation and uncertainty, and this cycle is no different. Following the recent election, the market has been buzzing with predictions about potential policy shifts under President-elect Trump and a Republican-controlled congress in both the House of Representatives and Senate. His readiness to propose bold, and sometimes extreme, changes add to this uncertainty. That said, it is critical to point out that there is always a difference between campaign rhetoric and approved, implemented policy change. In short, it remains too early to have high conviction in forecasting material policy changes and their implications. For investors, the challenge lies in cutting through the noise to focus on actionable insights to prepare for what lies ahead, and in being ready to change course as material new information comes to light.

As we approach the close of another year, we want to take a moment to update you on important wealth planning and tax matters that may affect you in 2024 and into 2025. Specifically, the recent elections as well as the sunsetting of many provisions from the Tax Cuts and Jobs Act (TCJA) could influence tax planning and strategy in the year ahead. Given the uncertainty surrounding the repercussions of both, it’s critical to review your tax situation to ensure you’re making informed decisions.