that those advising the wealthy have received a flurry of calls from clients worried about their taxes and estate planning.
UBS, the largest wealth manager in the world, has some thoughts on what panicked investors could do to prepare for these potential changes. In a Monday note, Solita Marcelli, UBS Global Wealth Management's chief investment officer for the Americas, wrote of eight steps that worried investors can take.
Marcelli noted that a bill is still a ways off, with proposed tax measures likely be scaled back in the final product.Marcelli recommends eyeing the different tax situations for potential investments — and to weigh if switching over could incur capital gains that might offset potential tax benefits. "Separately managed accounts can be especially tax-efficient because they can utilize a tax-management overlay that realizes capital losses and defers capital gains on your investment down to the individual security and tax lot level," Marcelli writes.That way investors won't be hit with a capital-gains tax on the stock, which would happen if they chose to cash them out and proceed with a straightforward donation.
. In an HSA — which you can use for any expense after you're over 65 — interest and contributions are untaxed. "By allocating to the right investments in the right accounts , you have an opportunity to increase the after-tax growth potential of your investments," Marcelli writes. Marcelli also notes that high-income investments add more to wealth when they're in"tax-advantaged accounts.
Quite sure he can't read those documents with the shades on.
Biden looks so cool and hip in those glasses on that train
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