Following the detour to tax planning taken by a handful of posters I have been reviewing my portfolios to see if some securities might be sold because I view it as advantageous to take LTCGs in 2024 rather than in 2025. Why? Because tax rates will be going up, maybe up, up, up. The writing is on the wall and I find it from at minimum confiscatorily scary to potentially terrifying.
Having for business associates aging out reasons fortuitously taken huge (for me) LTCGs in 2022 and 2023 I had hoped to coast this year, but...
On a new detour I added $18K to each grandchild's 529 plan, maxing out my gift tax exclusions to them this year. I plan on doing it again early in 2025 as I believe the estate tax exclusion is in danger of being dramatically reduced.
How to Prepare for Upcoming Estate Tax Law Changes | Kiplinger
I am also considering setting up Crummey trusts for my children and other beneficiaries.
Crummey Trust: Definition, Purpose, How It Works, and History.