Just recently, I was honored to partner with a former U.S. Department of the Treasury official and congressperson to conduct a national presentation.
The goal was simple. Provide advisors, and more importantly their clients, with certainty in this cloudy tax planning environment.
As we discussed the House version of the recently passed Build Back Better plan, we bent over backwards to explain what was in the bill; the mountain of tax provisions that have been taken out; and what might remain before final passage. It was quite the valiant effort, and we were proud of our efforts.
Yet I left this experience just as acutely aware of something I felt walking into it. Clients still face a certainty challenge.
We were not entirely tone-deaf as we offered a plethora of actionable strategies and solutions that withstand the test of time regardless of a new tax law. We offered the full spectrum of accelerated gifting techniques, spousal lifetime access trusts ideas and split dollar variations, just to name a few.
Yet, a thought endured. Did we help resolve the client uncertainty challenge or did we unknowingly magnify it?
