What Is A Trust?

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 Have you ever gone so far down the road of a discussion with someone that you feel embarrassed to admit that you are a little lost on how you arrived at a certain point in the discussion? Chances are that if you have ever met with an attorney, the answer is “YES!” The law is certainly its own language and trusts and estates is an extremely specific dialect within that language. When estate attorneys meet with clients and start formulating plans, there is often much discussion about trusts; but what is a trust, other than some abstract concept introduced by the attorney? 

A trust is a relationship in which an individual (the “Grantor”) entrusts someone (the “Trustee”) to hold title to assets for the benefit of a party (the “Beneficiary”) in a manner that suits the Beneficiary’s best interests (acting in a “Fiduciary” capacity). 

A trust instrument or agreement (often referred to simply as a “Trust”) is a document created by the Grantor that includes the blueprint, or the instructions, for how the trust is to be managed. Sometimes, the language of the Trust is specific in detailing how the Trust’s assets may be invested, specific circumstances in which distributions may be permissibly made from the trust for the Beneficiary, restrictions placed upon the Trustee, etc. Other Trusts include broad language, allowing the Trustee discretion in applying its judgment to some or all aspects of the Trust’s administration. Many Trust instruments fall into a middle ground, including certain firm rules while also permitting the use of the Trustee’s discretion. 

Many people think of trusts as arrangements that are only to be set up for someone who is too young, immature, and/or too untrustworthy to manage certain assets, but the truth is that different Trusts may serve a variety of purposes, including (but not limited to): 

Regardless of their purposes, trusts may generally be grouped into two main categories: revocable and irrevocable. 

Revocable trusts generally do not accomplish any lifetime tax planning and do not provide asset protection; their main purpose is to provide for ease of administration. A Grantor typically will establish a revocable trust to allow him/herself to maintain total control over the Trust during lifetime while also planning for a seamless transition of the management of his/her assets in the event of incapacity and the distribution of the estate and avoidance of probate following death. A Grantor is free to revoke or amend his/her revocable trust at any time as long as he/she has the mental capacity to do so. 

Irrevocable trusts are today’s hot topic, as they are often – but not always – used for significant wealth transfer purposes. With impending changes in the estate and gift tax laws coming in 2025, many people are considering making gifts to irrevocable trusts today to benefit their spouses and children while reducing the size of their taxable estates. Irrevocable trusts may generally not be modified after creation, so it is important that these trusts be carefully drafted and that their provisions are drafted with sufficient and appropriate flexibility to represent the Grantor’s wishes while moving with the times. 

How do you know if you need a trust? There is no one answer that is universally applicable. Whether you need a trust, the type of trust you need, the provisions to include, contributions to make to such trust, and the taxability of the trust are all important considerations to be discussed with your professional advisors. 

If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com. 

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Important Disclosures 

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent. 

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision. 

©2024 Homrich Berg. 

Election 2024 – Tax Policy Outlook

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All elections are important, but the results of the 2024 election could be especially so from a tax perspective. This is because nearly all of the individual tax provisions in the Tax Cuts and Jobs Act of 2017 (TCJA), the most significant tax legislation in decades, will sunset at the end of 2025 unless Congress acts. Congress’s failure to extend the TCJA would result in higher taxes for most Americans. The Republican presidential candidate, former President Donald Trump, has indicated that he would make the TCJA permanent. The Democratic presidential candidate, current Vice-President Kamala Harris, has stated that she would also seek to make the TCJA permanent for the majority of Americans (those making less than $400,000). However, beyond extending the TCJA for at least some taxpayers, the candidates’ tax plans differ considerably, and the outcome of the 2024 election will have a significant impact on future U.S. tax policy.

This article 1) provides a summary of the key TCJA provisions set to expire, 2) highlights each presidential candidate’s tax plan, 3) offers perspective on what might actually happen based on history, and 4) provides some planning strategies to consider in advance of the potential sunset.

Expiring TCJA Provisions

There are several significant TCJA tax provisions set to expire at the end of 2025 unless Congress acts to extend them. Although some households paid less tax under the pre-TCJA rules, the TCJA reduced taxes for the majority of Americans, with the average effective tax rate across all households dropping from 20.7% in 2017 to 19.4% in 2018 (the first year the TCJA tax provisions went into effect). The TCJA also doubled the estate tax exemption, allowing significantly more families to transfer assets to younger generations without being subject to the estate tax. In addition to reducing taxes on individuals, TCJA also reduced the corporate tax rate from 35% to 21% and allows owners of passthrough businesses such as partnerships and S corps to deduct up to 20% of their qualified business income. Below is an overview of the key individual tax provisions that are set to expire at the end of 2025:

Tax Rates: Individual income tax will revert to the pre‐TCJA rates and brackets with the top marginal rate going from 37% to 39.6%. As mentioned above, certain taxpayers would have paid less tax under the pre-TCJA rules. One example is single filers with $200,000–$500,000 of taxable income who have higher marginal rates under the TCJA tax brackets than they had under the pre-TCJA brackets. However, the majority of taxpayers have lower tax rates based on the TCJA brackets. The following charts illustrate the tax rates under the 2024 TCJA brackets compared to the inflation-adjusted 2017 pre-TCJA brackets, which is what the law will revert to unless Congress acts to extend the individual income tax provisions of the TCJA.

Tax rate comparison chart for Married, Filing Jointly (MFJ). The graph shows tax brackets for 2024 (light brown) and estimated pre-TCJA brackets (dark red), highlighting differences at various income levels from $0 to $800,000.
A step chart comparing 2024 tax brackets and estimated pre-TCJA brackets for single filers. The 2024 brackets are shown in gold, and the pre-TCJA brackets are in red, with various tax rates across different income levels from $0 to $800,000.

* Estimates based on the 2017 brackets adjusted for inflation to 2024

Standard Deduction: The standard deduction will be approximately cut in half (the 2024 standard deduction is $29,200 for MFJ and $14,600 for single filers). However, a decreased standard deduction would be offset by the return of personal exemptions (the pre‐TCJA personal exemption was $4,050 for each filer and dependent but was phased out when adjusted gross income (AGI) reached $156,900). Households with a large number of dependents are another example of taxpayers who may have paid less tax under the pre-TCJA rules as a result of the personal exemptions. A decreased standard deduction would also be offset by the return or expansion of certain itemized deductions including the following:

  • Miscellaneous itemized deductions will return subject to a 2% AGI floor (this includes deductions for investment fees, tax advice fees, and certain job‐related expenses);
  • The personal casualty loss deduction will be available to more taxpayers (this deduction is currently only allowed for losses resulting from a Federally declared disaster);
  • The moving expense deduction will be available to more taxpayers (this deduction is currently only available to active-duty members of the Armed Forces);
  • Mortgage interest will be deductible for up to $1 million of the mortgage amount (this deduction is currently limited to $750,000 for most mortgages acquired after 2017);
  • HELOC interest will be deductible on loans of up to $100,000 (this deduction is currently allowed only to the extent the funds are used to buy, build, or substantially improve a home secured by the loan); and
  • The state and local tax (SALT) deduction limitation will go away (this deduction is currently limited to $10,000 for state and local taxes).

Child Tax Credit: The child tax credit will be cut in half (the current credit amount is $2,000 per qualifying child), but more importantly, the AGI phase-out will drop to $110,000 for MFJ or $75,000 for single filers (currently the phase-out begins at $400,000 for MFJ or $200,000 for single filers).

Alternative Minimum Tax (AMT) Exemption:The AMT exemption will drop back to approximately $85,000 for MFJ or $54,000 for single filers and perhaps more importantly, the exemption phase-out will drop back to approximately $161,000 for MFJ or $121,000 for single filers (currently the AMT exemption and phase-outs begin at about $127,000/$1,150,000 respectively for MJF or $81,000/$578,000 respectively for single filers).

Estate Tax Exemption: The unified lifetime credit will be cut in half (the current exemption amount is approximately $13 million per individual or $26 million per couple).

Qualified Business Income (QBI) Deduction: Owners of passthrough businesses, including partnerships, S corporations, and sole proprietorships, will no longer be allowed to deduct QBI under Section 199A (owners of passthrough businesses can currently deduct up to 20% of QBI).

Corporate Tax Rate: In addition to the individual tax changes, the TCJA also permanently changed the corporate tax rate from a bracketed structure with a top rate of 35% to a flat 21% tax rate. This is one of the few permanent provisions that does not expire at the end of 2025.

If the change to the corporate tax rate is permanent, why do the individual tax provisions of the TCJA expire? The answer has to do with how the law was passed. The TCJA was part of a reconciliation bill that is not subject to the Senate’s filibuster rules that require a 60-vote supermajority rather than a standard majority. However, reconciliation bills are subject to certain limitations under what is known as the Byrd Rule (named after its principal sponsor, Senator Robert C. Byrd), which prevents the incorporation of extraneous matters into the bill. A provision is considered to be extraneous if it, among other things, would increase the deficit for fiscal years beyond those covered by the reconciliation measures which are typically 10 years. This budgetary limitation meant that not all the TCJA tax cuts could be permanent, and Congress chose to allow the individual tax provisions to expire at the end of 2025 in order to make the reduced 21% corporate tax rate permanent.

Candidates’ Tax Plans

Following is an overview of the more significant tax policy proposals from each of the presidential candidates. Trump’s proposals include making the TCJA’s individual tax cuts permanent along with additional corporate tax cuts. Harris’s proposals include raising taxes on individuals making over $400,000 and on corporations. Additional information on the candidates’ tax plans can be found at taxfoundation.org. 

Individual Income: One of the few tax policies the presidential candidates appear to agree on is exempting tips from taxable income. Trump has also proposed exempting Social Security benefits from taxable income. As indicated above, both candidates support extending many of the individual income tax provisions of the TCJA. However, Harris’s plan would extend the tax benefits only to those making less than $400,000 while taxpayers with income over this amount would be subject to a 39.6% marginal tax rate. For these higher-income taxpayers, Harris has also proposed increasing the additional Medicare tax on earned income from 0.9% to 2.1% and the net investment income tax (NIIT) from 3.8% to 5%. NIIT applies to capital gain, dividend, interest, rental, royalty, and other passive income, but Harris has indicated support for expanding this to also include active income from pass-through businesses. The additional tax revenue under Harris’s plan would help to fund expanded individual tax credits including the child, earned income, and premium tax credits.

Estate Tax: Trump has proposed making the TCJA’s increased estate tax exemption permanent. Harris has indicated that she would tighten the rules around the estate tax and seems in favor of allowing the estate tax exemption to drop to the pre-TCJA level which would essentially cut the current $13.6 million exemption in half.

Capital Gains: Regarding long-term capital gains, a Trump administration would presumably maintain the current rates of 0% for single filers with income up to approximately $45,000 ($90,000 for MFJ), 15% for single filers with income up to approximately $519,000 for single filers ($584,000 for MFJ), and 20% for individuals with income in excess of these amounts. Harris has proposed increasing the long-term capital gains rate to 28% for taxpayers with over $1 million of income and increasing NIIT from 3.8% to 5% as mentioned above. Harris also endorsed tax increases proposed by President Joe Biden in his 2025 budget, which included a tax on unrealized capital gains; however, there does not appear to be the necessary support in Congress for this to ever pass.

Business and Corporate: The candidates are in opposition with regard to the current 21% corporate tax rate put in place by the TCJA. Trump has proposed reducing the tax rate to 20% for all corporations and dropping the rate to 15% for corporations that make their products in the US. Trump has also proposed making permanent the few expiring business tax provisions of the TCJA, including 100% bonus depreciation and R&D expenses deductions, but would repeal the green energy tax credits put in place by the 2022 Inflation Reduction Act (IRA). Harris, on the other hand, has proposed increasing the corporate tax rate to 28%. Harris has also proposed increasing the corporate alternative minimum tax rate for corporations with over $1 billion of income, levying additional taxes on global corporations, and increasing the excise tax on stock buybacks.

Excise Tax: To offset tax cuts for individuals and corporations, Trump has proposed increasing the baseline tariff on all U.S. imports from 10% to 20% and imposing a 60% tariff on U.S. imports from China. During Trump’s first term as president, his administration took a broad view of the president’s authority with regard to tariffs which makes this the only significant tax policy change that could arguably be implemented without Congressional approval. However, taxfoundation.org points out the negative economic consequences of the proposed tariffs which would need to be taken into consideration.

What Might Happen?

History provides an interesting perspective on the likelihood that a presidential candidate’s tax proposals will actually pass into law. The following is a look at the more significant tax legislation that has passed during the last 30 years.

The TCJA was signed into law in 2017 by President Donald Trump after being passed by a Republican-controlled House and Senate. However, even with the republican party having control of both Congress and the White House, the TCJA was a scaled-back version of what Trump proposed as a candidate in 2016, which included reducing the top individual income tax rate to 33% and completely doing away with the estate and gift tax.

The most significant tax legislation passed since the TCJA was the Inflation Reduction Act of 2022 (IRA). The IRA was signed into law by President Joe Biden after being passed by a Democratic-controlled House and Senate. Again, despite the Democrats having control of both Congress and the White House, the IRA was nothing close to what Biden proposed as a candidate in 2020 which included repealing the TCJA for high-income taxpayers and increasing the corporate tax rate to 28%.

The Tax Relief for American Families and Workers Act of 2024 was the last significant piece of tax legislation passed by the House of Representatives. This act would have restored the TCJA’s R&D expense and 100% bonus depreciation deductions and expanded the child tax credit. The act was passed by a republican controlled House of Representatives in January 2024 with strong bi-partisan support but was blocked in the Senate. Although the Senate was democrat controlled, the Senate’s filibuster rules requiring a 60-vote supermajority prevented the law from being passed.

These recent examples highlight the challenges in passing tax legislation even if one party has control of both Congress and the White House. In fact, the Taxpayer Relief Act of 1997 is the only really significant piece of tax legislation that has been passed during the last 30 years when the president was not of the same party that controlled Congress. The Taxpayer Relief Act was signed into law by President Bill Clinton after being passed by a Republican-controlled Congress and established the Roth IRA and education tax credits, reduced the top long-term capital gains rate to 20%, and began increasing the estate tax exemption to $1 million.

Notably, the TCJA, IRA, Taxpayer Relief Act, and most of the other significant tax law changes over the last 30 years passed as a part of a reconciliation bill which, as previously discussed, is not subject to the Senate’s filibuster rules requiring a 60-vote supermajority. However, reconciliation bills are subject to the Byrd Rule, which provides that these bills cannot increase the deficit for fiscal years beyond those covered by the reconciliation measures, which are typically limited to 10 years.

The only significant tax legislation during the last 30 years not passed as part of a reconciliation bill was the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and American Taxpayer Relief Act of 2012, which were signed into law by President Barack Obama, after being passed by a democratically controlled Congress. However, these bills were, for the most part, not new tax laws but simply extended and ultimately made permanent the tax laws under the Economic Growth and Tax Relief Reconciliation Act of 2001 and Jobs and Growth Tax Relief Reconciliation Act of 2003. These tax laws are often referred to collectively as the Bush tax cuts and, among other things, reduced income tax rates for individuals and lowered the long-term capital gains rates.

The use of reconciliation bills to pass significant tax legislation is becoming increasingly commonplace and will likely result in more volatile tax policies in the future due to the limitations they place on Congress’s ability to institute permanent tax changes. In reality, permanent tax laws are only permanent until Congress changes them, but if you are in favor of the current tax laws, then you would much prefer that Congress have to act in order to change them rather than have to act in order to keep them.

By extending and ultimately making the Bush tax cuts permanent, the Obama presidency provides a recent example of how it can be easier to keep existing law than to pass something new, even if the existing law was enacted by the other party. This, and the fact that both presidential candidates have expressed support for extending the TCJA for the majority of individual taxpayers, bodes well for the continuance of much of the TCJA. However, to prevent the TCJA from sunsetting at the end of 2025, Congress must come to an agreement which is something Congress often struggles to do.

What may happen with the TCJA is far from clear and equally unclear is the timing of any legislation that could extend it. However, recent history provides some insight into possible timing. All the tax legislation mentioned above either passed before Congress took its traditional August recess or did not pass until the very end of the year (or the beginning of the following year). This provides some precedence that if an extension of the TCJA is not in place by August, we may not have certainty until the end of 2025 or even early 2026.

Historically, a number of tax laws have been retroactive back to the date the relevant Bill was introduced, or to the first day of the calendar year in which the legislation passed. The American Taxpayer Relief Act of 2012 provides a recent example, although it was retroactive only one day. There are practical and legal limits as to how far back a tax law could extend, but if there is an extension of the TCJA it is possible that it may not be passed until 2026. Because of this, taxpayers may have little or no time to implement, let alone plan, tax strategies around the sunset or possible extension of the TCJA.

Strategies to Consider

The TCJA made significant tax law changes that included lowering tax rates, increasing the standard deduction, adding a new 20% deduction for passthrough qualified business income, increasing the AMT exemption and phase-out threshold, and doubling the estate tax exemption. As previously noted, these and nearly all of the other individual tax provisions of the TCJA are scheduled to sunset at the end of 2025 unless Congress acts to extend them. Assuming legislation to extend or replace the TCJA is not passed until late 2025, taxpayers will need to have a strategy in place that can be implemented quickly, which will require advanced planning.

Below are some tax planning strategies to consider in advance of the sunset or possible extension of the TCJA, but before going into these it’s worth pointing out that all tax strategies are predicated on the knowledge or belief that future tax rates will be higher (or lower) than today. Although the candidate’s plans have little in common, they both share at least one likely outcome which is an increased Federal deficit. The Congressional Budget Office estimates that extending the individual Income tax provisions of the TCJA would increase the deficit by nearly $3.3 trillion over the next 10 years. Although Harris has proposed extending the TCJA only to individuals making less than $400,000, any additional tax revenue under Harris’s plan would likely be offset by her proposed increases to the individual tax credits.

Since the 1960’s the U.S. has run a deficit in all but four years (1998 – 2001). The chart below shows how much Federal spending has exceeded revenue over the past few decades. Revenue has gone up, but spending has outpaced it by an increasingly large margin. According to fiscaldata.treasury.gov, the amount the U.S. pays on interest currently accounts for 13% of national spending which is more than is spent on national defense. The increased interest expense will make it difficult to achieve a balanced budget with spending cuts alone. Increased revenue will likely also be required, which could mean increased tax rates in the future. Individual tax rates are not certain to go up, the corporate income tax is at a historically low rate not seen since the 1930s and could be targeted before an increase in the individual tax rates. However, individual income tax currently accounts for nearly half of all U.S. revenue, and the deficit is likely to be a factor with regard to future tax rates across all revenue sources.

A line graph comparing U.S. federal revenue and spending from 1979 to 2021 in millions. The graph shows both metrics generally rising, with spending notably exceeding revenue, especially after 2008.

* Information from Monthly Treasury Statement

Use Estate Tax Exemption: The lifetime estate and gift tax exemption, which is indexed for inflation, is $13.61 million per individual in 2024 but will be essentially cut in half in 2026 unless the TCJA is extended. Families with estates in excess of the anticipated 2026 exemption amount (approximately $7 million per individual or $14 million per married couple) should consider strategies to take advantage of the current increased exemption. The challenge is that the only way to take full advantage of the current exemption is to use all of it before the TCJA sunsets at the end of 2025. Any of the increased exemption amounts that are not used will be lost. An individual’s lifetime exemption is reduced by the amount the individual gives away during life, so an individual that gives away any amount in excess of approximately $7 million will have no exemption remaining in 2026 even though they could have given away up to around $14 million tax-free if they had done so before the TCJA sunset.

There are strategies to take advantage of the increased exemption. One of the most common strategies for married couples is having one spouse gift assets to an irrevocable trust for the benefit of the other spouse in such a way as to remove the assets from the couple’s taxable estate while still allowing the beneficiary spouse to access the assets if needed. This type of trust is known as a Spousal Lifetime Access Trust (SLAT). There are, however, a number of tax and non-tax considerations, not the least of which is the possibility of divorce. In addition, many planning strategies, such as SLATs, may need to be implemented over the course of more than one tax year to minimize the risk of being challenged by the IRS. Because of this, families that anticipate having a taxable estate should speak with their financial advisor or estate planning attorney about planning options that could minimize the potential estate tax liability as soon as possible.

Exercise Incentive Stock Options (ISOs): This planning strategy applies to individuals with ISOs. With the TCJA sunset, the AMT exemption amount and phaseout threshold will be reduced significantly, exposing more individuals to AMT. As a reminder, AMT is a parallel tax calculated at a flat rate of 26% or 28% based on AMT taxable income, which is a taxpayer’s AGI plus certain preferential tax items that are not included for purposes of the regular tax calculation. The AMT calculation is compared to the regular tax calculation and a taxpayer pays the higher of the two. Individuals can exercise ISOs and defer paying the tax until the stock is eventually sold. However, for purposes of the AMT calculation, income from exercising these options is included in AMT taxable income in the year the options are exercised. Individuals with ISOs should speak with their financial advisor or CPA about exercising some or all of the options by the end of 2025, which could allow them to avoid AMT and defer tax until the stock is sold.

Accelerate QBI: This planning strategy applies to owners of passthrough businesses, including partnerships, S corporations, and sole proprietorships. The biggest question for most individuals is whether their income tax rate will be higher in 2026 than it is today in order to determine whether they should attempt to accelerate and recognize income before the end of 2025. This is particularly important for business owners who may be able to control when income is received. The TCJA allows owners of passthrough businesses to deduct up to 20% of their QBI, but this provision is scheduled to sunset at the end of 2025. Passthrough business owners may benefit from accelerating income and recognizing it in 2025 while the 20% QBI deduction is still in effect. Note however that the 20% QBI deduction for owners of Specified Service Trades or Businesses (SSTB), such as law firms, begins to phase out when taxable income reaches certain levels ($383,900 for MFJ and $191,950 for single filers in 2024), and it may not be beneficial for owners of SSTBs to accelerate income in excess of the phase-out limits.

Bunch Deductions: Taxpayers who make charitable gifts cannot take advantage of the tax benefit associated with the gifts unless they itemize deductions. Because of the current higher standard deduction ($29,200 for MJF and $14,600 for single filers in 2024) and the $10,000 cap on the itemized deduction for state and local taxes (SALT), fewer taxpayers currently itemize. However, taxpayers who make charitable contributions that would bring their total itemized deductions close to the standard deduction should consider making their 2025 charitable gifts in 2024. By bunching two years’ worth of charitable gifts into 2024, a taxpayer’s itemized deductions could exceed the standard deduction. The taxpayer could then take the standard deduction in 2025 just as they would have otherwise done. Taxpayers who plan to make a significant charitable gift in the near future should also consider deferring the gift to 2026. The tax benefit of a deduction increases as tax rates increase, so deferring a charitable gift until after the TCJA sunset could be more beneficial from a tax perspective. Similarly, the cap on the SALT deduction is scheduled to go away with the expiration of the TCJA, so to the extent allowed, taxpayers might consider deferring payment of their 2025 property taxes to 2026 so they can fully deduct the tax in 2026 when they may also be subject to a higher tax rate.

Retirement Distributions and Conversions: Following the sunset of the TCJA, the individual income tax will revert to the pre‐TCJA rates and brackets with the top marginal rate going from 37% to 39.6%. Most taxpayers would see an increase in their marginal tax rate under the per-TCJA structure, and for some taxpayers, the increases would be significant. For example, the marginal rate for married couples filing jointly who have approximately $300,000–$400,000 of taxable income would go from the current 24% to 33% following the TCJA sunset even with the same level of income. Taxpayers facing an increase in their marginal tax rate (especially a 9% increase) should consider accelerating income to take advantage of the current lower tax rates by taking additional distributions from their traditional IRA or 401(k) in 2024 and 2025. This strategy could have an even greater impact on owners of traditional IRAs that were inherited in 2020 or later since, in most cases, these accounts must be fully distributed within 10 years.

A Roth IRA conversion is another option for accelerating income. As a reminder, Roth IRAs are funded with after-tax dollars, so converting a traditional IRA to a Roth IRA requires the owner to pay tax similar to if the conversion had been a distribution, but the amount converted can then grow tax-free and can be withdrawn tax and penalty-free after age 59½ as long as the account has been open for at least five years. The advisability of a Roth conversion centers around the difference between current and future tax rates. While the income tax strategies mentioned above primarily involved shifting income or deductions between adjacent tax years, a Roth conversion may result in recognizing income that could have otherwise been deferred for a number of years. This makes it impossible to knowledgeably plan around Roth conversions based on future tax rates alone. However, taxpayers may be able to effectively plan based on their specific circumstances. For example, a taxpayer who built up a large tax-deferred account and was in a high tax bracket while working could temporarily find themselves in a much lower tax bracket following retirement but before having to start taking required minimum distributions (RMDs). In cases such as this, it would make sense to take distributions or make Roth conversions to fill the lower tax brackets.

Conclusion

The tax strategies listed above offer some planning opportunities to consider in advance of the sunset or possible extension of the TCJA, but there are additional considerations and, as mentioned above, some taxpayers would likely even benefit from the expiration of the TCJA. Because of this, individuals need to speak with their financial advisor about the planning strategies that best fit their situation. Ultimately, it is impossible to predict what U.S. tax law will be in 2026 and beyond, but there are still planning opportunities. The key is to have a strategy in place that can be implemented quickly once we do have clarity. This will require advanced planning which makes it important for individuals to speak with their financial advisor about planning opportunities sooner rather than later.

If you have any questions or would like to discuss further, please reach out to your client service team, or call 404.264.1400. You can also visit us on the web at HomrichBerg.com. 

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Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2024 Homrich Berg.

Market Leadership Is Still Dependent On Path Of Rate Cuts

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October 2024: After much anticipation, the Federal Reserve (Fed) finally made its first rate cut after leaving rates at a peak level since July 2023. In this video, Ross Bramwell will review how market leadership has transitioned through this year leading up to the rate cut announcement in mid-September and what it could mean going forward for the stock market as the Fed is still trying to navigate the economy to a soft landing.

Watch the video here: https://youtu.be/td5etIsIvBE

If you have any questions regarding this video, please reach out to your client service team, call 404.264.1400, or visit https://hbwealth.com/.

Beyond The Numbers: Creating A Legacy: Writing And Publishing Your Memoir

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Writing a memoir is a profound way to share your life story, experiences, and insights with your family, close friends, and others. It’s an opportunity to reflect on your journey, celebrate your achievements, and leave a lasting legacy. Here’s a guide to help you through the process of writing and publishing your memoir.

1. Clarify Your Purpose

    Understand why you’re writing your memoir. Are you aiming to share life lessons, document family history, provide inspiration, or all the above? Clarifying your purpose will guide your narrative and help you stay focused.

    2. Outline Your Story

    Decide on the key events, themes, and messages you want to include. An outline helps in maintaining a coherent flow and ensures that you cover all significant aspects of your life. Consider an online resource such as Scrivener to help you get started and stay on track. 

    3. Start Writing

    Begin with a rough draft without worrying too much about perfection. Focus on getting your story down on paper. Write regularly to build momentum and make consistent progress. Consider a daily or weekly word count goal to keep yourself on track.

    4. Be Honest and Authentic

    Authenticity is key to a compelling memoir. Be honest about your experiences, emotions, and reflections. Readers, especially family and friends, connect with genuine stories that reveal vulnerability and personal growth.

    5. Seek Feedback

    Share your draft with trusted friends, family, or writing groups to get feedback. Constructive criticism can help you refine your story and improve your writing. Consider engaging with online communities such as Scribophile where writers can share their work and receive feedback.

    6. Edit and Revise

    Review your manuscript multiple times, focusing on structure, clarity, and grammar. Consider hiring a professional editor to ensure your memoir is polished and well-written.

    7. Choose a Publishing Path

    While traditional publishing is always an option, self-publishing has become an excellent alternative that allows you to maintain more control of the process. Amazon Kindle Direct Publishing is an example of a popular platform for self-publishing e-books and paperbacks.

    8. Design Your Book

    Invest in professional design services to create a visually appealing book. Resources such as 99designs connect you with cost-effective professional designers for book covers and interior layouts.

    9. Promote Your Memoir

    Even if your primary audience is family and friends, sharing your memoir more broadly can be rewarding. Develop a marketing plan that includes social media, book signings, and press releases. Engage with your readers through blogs, podcasts, and speaking events. Bookbub is an example of a platform that helps simplify the process of promoting your book.

    10. Embrace the Journey

      Writing a memoir is a deeply personal and transformative experience. Enjoy the process of reflecting on your life and crafting your story.

      Creating a legacy through writing and publishing your memoir for family and friends is a meaningful endeavor that requires dedication, authenticity, and perseverance. By following these steps, you can craft a compelling memoir that shares your story with those who matter most and leaves a lasting impact.

      To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@hbwealth.com.

      Download this article.

      Important Disclosures

      This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

      All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

      ©2024 Homrich Berg.

      Navigating Financial Changes: Adjusting Private School And Travel Sports Expenses

      by

      Facing financial adjustments is a challenging aspect of transitioning to a single life after a divorce or the loss of a spouse. One of the most difficult decisions can involve making changes to your children’s educational and extracurricular activities, such as private school and travel sports, which you may no longer be able to afford. This situation requires careful consideration, open communication, and strategic planning to ensure your children’s well-being while maintaining financial stability.

      Emotional Considerations

      1. Communicating with Your Children:

      Explaining financial changes to your children can be difficult but is essential. Approach the conversation with honesty and empathy. Explain the reasons for the changes and reassure them that their education and happiness are your top priorities. Involving them in the decision-making process can help them feel valued and understood.

      2. Managing Possible Guilt and Emotional Stress:

      As a parent, it’s natural to feel guilty about making financial cuts that affect your children’s activities. Remember that these decisions are made out of necessity, not lack of love or commitment. Focus on the long-term benefits of financial stability and the ability to provide for essential needs.

      Practical Considerations

      1. Exploring Alternative Education Options:

      If private school tuition is no longer feasible, research public school options in your area. Many public schools offer excellent educational programs, extracurricular activities, and support services. Consider charter schools, magnet programs, or potentially even certain online schooling alternatives that can provide quality education at a lower cost.

      2. Adjusting Extracurricular Activities:

      Evaluate the costs associated with your children’s travel sports. These can include registration fees, equipment, travel expenses, and more. Consider transitioning to local sports leagues or community programs that offer similar benefits at a reduced cost. Encourage your children to try new activities that are less expensive but equally enriching.

      3. Financial Aid and Scholarships:

      Look into financial aid options available for both private schooling and sports programs. Many private schools offer scholarships or sliding-scale tuition based on financial need. Similarly, some sports organizations provide scholarships or grants to help cover participation costs. Don’t hesitate to reach out to school administrators or sports coaches to discuss your situation and explore available resources.

      4. Budgeting and Financial Planning:

      Create a detailed budget that outlines your income and expenses, prioritizing essential costs such as housing, food, and healthcare. Allocate funds for education and activities within your financial means. Consult with a financial advisor to help you develop a sustainable financial plan that accommodates your new circumstances.

      Steps to Make an Informed Decision

      1. Assess Your Financial Situation:

      At HB, we can help you thoroughly assess your current financial status. Listing all sources of income and categorizing your expenses is a good starting point. This will make it easier to determine how much you can realistically allocate toward education and extracurricular activities without compromising essential needs.

      2. Research and Compare Options:

      Take the time to research various educational and extracurricular options. Visit potential schools, speak with administrators, and attend open houses or school events. Compare costs, programs, and the overall environment to ensure you make an informed decision.

      3. Seek Community Resources:

      Utilize community resources and networks. Many communities offer support groups for single parents, which can provide valuable advice and emotional support.

      4. Engage in Open Conversations:

      Have open and honest conversations with your children about the changes and the reasons behind them. Encourage them to express their feelings and concerns. Listen actively and provide reassurance, emphasizing that these decisions are made in their best interest.

      Conclusion

      Adjusting to new financial realities and making changes to your children’s private school and travel sports can be daunting. By carefully evaluating your options, seeking financial aid, and communicating openly with your children, you can navigate these changes effectively. Prioritizing financial stability and emotional well-being will ultimately benefit your entire family, allowing you to build a secure and fulfilling future. Embrace this new chapter with confidence, knowing that your thoughtful decisions are paving the way for a balanced and prosperous life.

      If you are a suddenly single woman and would like to discuss your finances, and life goals, or if you need assistance starting these conversations, visit homrichberg.com, email us at info@hbwealth.com, or call 404.264.1400.

      Download this article.

      Important Disclosures

      This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

      All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

      ©2024 Homrich Berg.

      A “Bird” In Hand For Beneficiaries; Georgia’s New Transfer-On-Death Deed

      by

      President Lyndon B. Johnson (“LBJ”) was said to have left his home to his wife, “Lady Bird” Johnson, using a deed that granted the property to her immediately upon his death. LBJ likely understood that probate – the legal process of validating a will, appointing an executor, and distributing one’s estate – may sometimes be cumbersome, and he wanted to do his best to avoid the court process and streamline the transition of his home to his wife following his death. As of July 1, Georgia’s new law permitting this type of real estate transfer via “Lady Bird Deed,” took effect[1].

      A Lady Bird Deed (also known as a transfer-on-death or enhanced life estate deed) seeks to transfer ownership of the real property to the individual(s) designated by the owner (the “remainder beneficiaries”) upon the owner’s death. As long as the owner is alive, he or she retains total control over the property and may sell it, mortgage the property, or even revise the deed to change or eliminate the remainder beneficiaries. Once the owner dies, the property may pass outside of probate, directly to the remainder beneficiaries named on the deed.

      To create a transfer-on-death-deed, the owner(s) must sign a deed designating remainder beneficiaries to receive the property upon the owner’s death[2]. This deed must be recorded with the Superior Court in the county where the property is located. The remainder beneficiaries do not need to sign anything, as their interest in the property will not actually exist until after the property owner’s death. 

      To revoke a transfer-on-death deed, no notification of the remainder beneficiaries is required. An owner may simply sign a new deed revoking the initial beneficiary designation and designating different remainder beneficiaries or may sign and record an instrument with the Superior Court of the county where the property is located revoking the beneficiary designation[3].

      Just as a provision in your last will and testament will not revoke a transfer-on-death designation on an account, it will not supersede the beneficiary designation on a Lady Bird deed; the terms of the deed shall control who should receive the property upon the owner’s death. There are, however, specific actions that must be taken by the remainder beneficiaries upon a property owner’s death to claim rightful title to the property:

      (1) sign an affidavit affirming the death of the property owner, including a legal description of the property, and describing whether the beneficiary was the spouse of said property owner; and

      (2) file the affidavit and a death certificate with the Superior court of the county where the property is located within nine months of the owner’s death.

      Failing to follow this protocol within the specific period means that the property will revert to the deceased property owner’s estate[4].

      As with most legal processes, the use of a Lady Bird deed is much more involved than this article addresses. While there may be a time and place for the use of a Lady Bird deed, a more carefully constructed estate plan may employ a revocable trust to convey real property following the owner’s death. Like the Lady Bird deed, the use of a revocable trust may allow for the avoidance of probate; however, certain advantages afforded by a revocable trust over a Lady Bird deed include: maintenance of the property owner’s transition wishes off of the public record, elimination of a specified timeline for a beneficiary to claim the property, elimination of the confusion that may arise for the property owner and family in the event a will and deed conflict, and the ability to specify alternate beneficiaries to receive the property in the event the primary remainder beneficiary dies prior to the property owner’s death.

      Examining the titling of and beneficiary designations associated with your assets should be a regular part of your financial review, and now may be the time to discuss with your financial team whether your estate plan might benefit from this new form of deed, or if, for your family, this Lady Bird is for the birds.

      Download this article.

      If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com.

      Important Disclosures

      This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

      All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

      ©2024 Homrich Berg.

      [1] O.C.G.A.§§44-17-1 through 44-17-7

      [2] Deed requirements may be found at O.C.G.A.§ 44-17-3.

      [3] See O.C.G.A. §44-17-4.

      [4] See O.C.G.A. §44-17-2.

      GST Tax: What Every Grandparent Needs To Know Before Making Gifts

      by

      As we approach the scheduled sunset of certain tax laws on December 31, 2025, estate planning attorneys are devoting countless hours to discussing estate and gift tax laws with their clients. However, another, often-addressed but less-often-discussed tax, the Generation-Skipping Transfer Tax (“GST Tax”), is also due for a change. This tax is complicated, even for some estate attorneys, but it is important to understand the basics.

      John D. Rockefeller is the name often associated with the GST Tax. The business magnate and his family were known for using sophisticated estate planning techniques, including the establishment of “dynastic trusts” designed to pass wealth to multiple generations without incurring estate taxes, thereby allowing numerous generations to avoid substantial estate tax liabilities. The federal GST Tax structure, as it exists today, was adopted in 1986, and was created to prevent families from bypassing estate taxes by “skipping” a generation of tax by transferring wealth directly to younger heirs.

      The forty percent (40%) GST Tax is assessed on gifts or inheritances transferred to someone at least 37.5 years younger than the gift giver (the “Donor”), usually the Donor’s grandchildren, great-grandchildren, or trusts for their benefit.

      Here are the three primary situations in which the tax applies:

      1. Direct Gifts: Giving significant gifts directly to grandchildren or younger generations;
      • Indirect (Trust) Gifts: Distributions from certain trusts – while the trust is in place or when it ultimately terminates – that benefit grandchildren or younger generations; and
      • Estate Transfers: Including provisions for a significant transfer – directly or in trust – to grandchildren or younger generations under the terms of your estate plan, to take effect following your death.

      Much like the estate and gift exemption for bequests and lifetime gifts, there is an exemption that allows Donors to give a certain amount of assets without incurring the GST Tax. In 2024, the estate, gift, and GST Tax exemptions are all the same: $13.61 million. Also like the gift tax, certain gifts are excluded from the GST Tax, including medical expenses paid directly to a grandchild’s medical provider, educational expenses paid directly to a grandchild’s school, and gifts given directly to a grandchild or to certain eligible trusts for grandchildren that are under the “annual exclusion” amount (currently $18,000 per donor, per recipient, per year). Ultimately, while this tax will only apply to the wealthiest of Americans, you do not have to be a Rockefeller for the tax to apply.

      Here is a very simple example of how this works1:

      • If you give $13.61 million to your daughter in 2024: No gift tax is due because the gift is within the exemption limit.
      • If you give $14.61 million to your daughter in 2024: You will owe a gift tax of $400,000 on the $1 million that exceeds the exemption.
      • If you give $13.61 million to your grandson in 2024: No gift or GST tax is due because the gift is within the exemption limits.
      • If you give $14.61 million to your grandson in 2024: You will owe a gift tax of $400,000 on the $1 million that exceeds the gift tax exemption, and you will also owe GST Tax of $400,000 on the $1 million that exceeds the GST Tax exemption.

      The $13.61 million exemption is scheduled for an inflationary increase in 2025, and then, under the 2017 tax act commonly referred to as “The Tax Cuts and Jobs Act,” the exemption will essentially be halved on December 31, 2025, to an estimated $7 to $7.5 million per Donor. As a result, estate planners are busy assisting clients with planning to use exemptions before this 2025 deadline, as the IRS issued regulations confirming that individuals who use their exemptions before the sunset will not be adversely impacted in 2026 when the estate, gift, and GST Tax exemptions decrease. In other words, you can give away $13.61 million today, and when the exemption drops, the IRS will not seek any additional tax from you as a result of the change in the laws.

      1To provide the simplest calculations possible, these examples address only the gift and GST Tax rates applied to the underlined amounts, without considering annual exclusions, additional gift tax due, etc.  

      If you are like the overwhelming majority of Americans, reading these “basics” will make your head spin…so what do you really need to know? Whether or not the GST Tax will impact you depends on the size of your estate and your estate planning goals. If you are planning to leave a significant amount to your grandchildren or other younger beneficiaries, it is important to work with your financial advisor, CPA, and estate planning attorney to develop a strategy that minimizes taxes and maximizes the inheritance for your loved ones.

      If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com.

      Download this article.

      Important Disclosures

      This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

      All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

      ©2024 Homrich Berg.

      The Estate And Gift Tax Laws; Today, Tomorrow, And After November

      by

      The estate tax has existed since 1916, though its rules have changed over the years. The most recent update occurred in 2017 with the Tax Cuts and Jobs Act (“TCJA”). One key rule remains unchanged: U.S. spouses can transfer assets to each other without incurring gift or estate tax. However, there is a limit on how much an individual can give to non-spouse beneficiaries (an individual’s “exemption”) in excess of the annual exclusion (described below).  This exemption currently stands at $13.61 million (per donor; not per recipient) and applies to both lifetime gifts and transfers made at death. For example, if you give $3.61 million to a trust for your son in 2024, your remaining exemption will be $10 million for future gifts or bequests.

      Will You Be Affected?

      You might think estate taxes won’t apply to you but remember: your “estate” includes everything you own—your home, investments, retirement accounts, and even life insurance. If you have, for example, a $1 million home, $3 million in investments, $1.5 million in retirement funds, and a $2.5 million life insurance policy, you could have a taxable estate by 2026.

      Common Questions About Estate Tax Changes

      I begin almost every gifting discussion with clients with a similar explanation of the estate and gift tax laws. These days, the questions I immediately receive are, “Do you think the exemption will actually decrease?” and “How do you think the election will affect these laws?”

      Where We Were; Initial Standpoints On The TCJA

      When the TCJA was passed, about half of estate experts proclaimed that there was no way the exemptions would ever sunset rationalizing that because the estate exemption had never in the 100-year history of the estate tax decreased, there is no possible way it would now. The other half of estate experts (including this author) thought a decrease would occur for a myriad of reasons; understanding that if the decrease does indeed occur, there’s nothing to preclude a subsequent increase.

      Where We Are; How Politics Factor In

      First, remember that the President of the United States is powerless to pass legislation alone, so we aren’t just waiting to see who the new President will be, but also the composition of the House and the Senate.  The President’s signature, however, is the signature that signs a bill into law, and here is what we currently know about the two leading candidates’ positions:

      • Former President Trump: Likely to push for permanency of the TCJA tax cuts he signed into law or eliminate the estate tax entirely.
      • Vice President Harris: Harris’ recent endorsement of the Housing and Economic Mobility Tax Act seems to confirm what many have expected; her support of policies like those proposed by President Biden, including a reduction of the exemption to $3.5 million and higher tax rates on large estates, as well as graduated estate tax rates.

      Considerations For Planning

      While we could weigh the significance of each apparent political position and its meaning, this exercise does not help you plan. The important question is: what action should you take now if your estate is sizable?

      Annual Exclusion Gifts: In 2024, you can give up to $18,000 per person (or certain types of trusts) without using any of your exemption.

      Medical and Educational Gifts: Payments made directly to healthcare providers or educational institutions on behalf of someone else do not count against your gift exemption.

      Use Your Exemption Now: If you’re concerned about the exemption decrease, you might consider making large gifts now. The IRS has confirmed that no additional tax will be due on gifts made under current law, even if the exemption drops later.

      Lastly, there’s charity. It doesn’t matter if your name is Trump, Harris, Swift, or Kelce, seemingly no one wants to harm charity, and it is difficult to imagine that any politician would change the laws in a way that inflicts gift or estate tax on charitable gifts. Unlimited amounts may be given to charity without any gift or estate tax. There are, however, better and worse ways to structure charitable gifts, so careful planning is key.

      If there is even the slightest possibility that the estate and gift laws may affect you or your family, then now is the time to speak with your wealth advisor who may run relevant projections and work with you, your attorney, and your CPA to construct a giving plan that works to meet your tax goals and feels right for you and your family.

      If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com.

      Download this article.

      Important Disclosures

      This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

      All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

      ©2024 Homrich Berg.

      Market Leadership is Changing With Rate Cuts Coming

      by

      With the Federal Reserve set to cut rates this month, the only question appears to be whether there will be a quarter or a half of one percent rate cut. As the markets are pricing in up to four or five cuts by January, an additional quarter of one percent this month may not make a big difference for the economy right now. However, investors may perceive a larger cut as a signal that the Fed believes the economy is slowing faster than projected and that it may need to move quicker in future rate cuts. In this short video, Ross Bramwell will discuss how market leadership has shifted since July due to interest rate expectations and what that could mean for the markets going forward.

      Watch here: https://youtu.be/NBN3XLp7bhs

      Markets During Election Cycles

      by

      For investors, keeping politics and their wealth separate is not always an easy task. With less than 100 days until election day, these topics are at the forefront for many investors. Investors tend to let political views dictate investment decisions when emotions are involved. We encourage investors to vote through the ballot box and not through their portfolios to stay on track. In this month’s video, we will discuss our perspective on why investors should stick to their financial plans during election cycles and what we will be looking for after the election results.

      If you have further questions about the video, please reach out to a member of your client service team or contact us.

      Watch here: https://youtu.be/VHGLv0h6-JA