Stalled Biden Agenda Leaves Planned Tax Hikes in LimboFebruary 24, 2022 – Media Mention
Laura Zwicker, chair of the Private Client Services group, participated in Bloomberg Law's "Talking Tax" podcast discussing tax provisions related to the Build Back Better Bill. Laura shares details on what's in the Bill and how she would advise her clients should tax changes occur.
"We got, sort of, a sneak preview of what significant tax reform would look like with the introduction of the Build Back Better Act in September. It had a wish list of tax changes that are complicated [...] that would alter the tax landscape for the ultra wealthy."
"Most of our clients are entrepreneurs of one kind or another, so they are used to evaluating business risks. I like to explain what their current structure looks like, the options for additional planning, what the wish list in the September version of the Act would do for their planning, and then talk about risks and likelihoods. Then, I work with them to make a reasoned business decision about what sort of planning they are willing to take on.
"What are seeing is a lot of clients moving more rapidly abroad because we can all work from wherever we want to. We used to see ultra high net worth clients moving and acquiring assets abroad with a lot of forethought and planning, with the appropriate teams in place. We are seeing people moving quickly and not getting advanced planning in place. We have seen this with our U.S. based clients moving abroad or acquiring residences abroad.
"The pandemic has sort of caused this feeling that you can be anywhere without appropriate tax advice."
"We'd like to see certainty. When I first started practicing, we had a really consistent gift and estate tax law for a really long time and it made it possible to advise our clients in a meaningful way."
Listen to the episode here.