House Passes Substantially Altered Version of Build Back Better Act

Our Advice: Keep Calm and Carry On (with Planning)

Early on November 19th, the House passed a leaner version of the original H.R. 5376, the Build Back Better Act, that removed many of the more controversial and broader individual income and transfer tax changes included in earlier draft legislation. The new tax architecture relies heavily on international and corporate minimum taxes, as well as select provisions targeting high earning individuals and trusts, as revenue raisers.

As we approach the end of 2021, charitable gifting is top of mind for many individuals looking to make donations before year-end. As the tax year comes to a close, investors look to charitable giving as a way to not only fulfill their philanthropic goals but also to take advantage of the tax benefit in donating to eligible charities. As you consider how to best move forward, here are five considerations to discuss with your client team to establish a charitable gifting strategy.

Understanding your money story is the key to your financial future. It contains every thought, word, action, and habit you have ever used or created around money. To help our clients better understand how their money story directly affects their current and future financial trajectory, Pathstone and HerPath conducted a webinar uniting female powerhouses Ella Chase Hyland, Co-Founder of Wellth Works, Arden O’Connor, Founder of O’Connor Professional Group, Dr. Jamie Traeger-Muney, Founder of the Wealth Legacy Group, and our very own General Counsel and Chief Compliance Officer of Pathstone, Lisandra Wilmott. Together, these women explored how your money stories from childhood, life transitions, and your own expectations determine your relationship to money and wealth. During this discussion, each woman shared how she is using her own experiences, and the wisdom gained to help clients in their journey of owning, evaluating, and rewriting their money story based on their values and purpose. The wealth of wisdom shared amongst these women provided five key takeaways. Each lends itself to the specific aspect of uncovering and rewriting any money story.

Click here to watch the webinar.