Houston Estate Planning and Elder Law Attorney Blog
There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for.
Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly?
According to a recent post on cnbc.com, titled Tax planning tips for high-income earners,” tax planning is better done looking ahead three or five years. If you see a trend, such as an increase or reduction in income, you can alter your deductions or deferrals.