What Should High Net Worth Individuals Do?
Amidst fears of an impending tough tax regime during Obama presidency, tax experts are of the opinion that High Net Worth individuals such as CEOs, Major League Baseball players and other executive officials, who earn in excess of $250,000 annually, should move to protect their assets now and failing to do so would mean losing millions of dollars in taxable income. Though the busiest season for taxes is usually the spring, it could pick up in the next two months prior to Obama’s inauguration as the new President, tax experts reveal. Speaking to CE Online, Philip Tortorich, tax expert and attorney specializing in estate planning and tax law, says: “Most immediately, we’ll see our clients looking to get the most from estate tax minimization. That will be true through the end of the year especially as they try to make changes before any major new policies go into effect.” Similar to Major League Baseball players and other professional athletes, many high net worth individuals are looking
