We’re back to wrap up this two-part episode on year-end planning for 2023. As 2024 approaches, it is the perfect time of year for these conversations. If you missed part one, you can catch up on the conversation here!
In this episode, we’ll chat about several topics including the looming expiration of the current tax code in 2026, the increasing national debt, and the potential rise in tax rates. Don will also share how those in need of long-term care can leverage their IRA assets to minimize taxes, talk about the often-overlooked 0% capital gains tax bracket, discuss the importance of proactive tax planning, and more.
Here’s some of what we discuss in this episode:
- How might changes in the tax code impact financial planning, considering the current national debt?
- Some ways that long-term care expenses can be leveraged for significant tax deductions
- How does the 0% capital gains tax bracket work?
- What is the gifting limit, and how can it be strategically utilized for educational or medical expenses?