Jean-Luc Bourdon, principal and wealth advisor at BrightPath Wealth Planning, was critical of President Trump’s sparse tax plan: “In the tax world, a nine-page tax framework is equivalent to a tweet. It leaves many questions unanswered.” With so many unknowns regarding tax reform, most advisors are recommending waiting out the proposed legislation. For a few of the less ambiguous provisions though, pre-planning may be beneficial. The elimination of many currently allowable itemized deductions may end up costing retirees. It may be beneficial for these individuals to pack up and ship out to a more tax-friendly state if tax reform legislation is passed.
See Robert Powell, Retirees, 4 Ways You Can Start Planning for Possible Tax Law Changes Now, USA Today, October 13, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
