Hold onto your hats, folks, because big tax changes are making their grand entrance!
Spoiler Alert: taxes are going up!
- Guess what? Starting in 2025, prescription drug prices are getting a bit of a makeover. Picture this: a fancy price cap on prescription meds! If you’re on Medicare, here’s the lowdown: they’re proposing a cap of $2,000 a year for your out-of-pocket prescription adventures. Score!
- And hey, if you’re a fan of tax talks, this is for you: in 2025, it’s like a blast from the past with income tax rates taking a trip back to 2017. That’s right, the standard deduction is being reduced (doing a little snip-snip), but don’t worry all the extra money is going to Washington and I’m sure they’ll spend it wisely, right?
- Now, let’s talk about the “sunset” of 2025. The estate tax exemptions are like, “Hey, we’re getting a makeover too!” They’re going from those fancy eight figures (from President Trump’s Tax Cuts and Jobs Act) down to seven figures. That’s a whole lot of zeroes and dollar signs dancing around. Bottom line, more people will owe taxes on their estate when they die. That means less for your heirs.
Don’t think you need a fancy estate plan? Think again. Estate Planning is for everyone.
Now, I know what you’re thinking – “But I’m not Scrooge McDuck!” – and that’s okay. Even if you’re not swimming in a pool of gold coins, estate planning is your friend. It’s not just for the folks with fancy top hats and monocles. Regular folks, that’s you and me, should review our estate plans and make sure they match our current wishlist. Not sure where to start? Reach out to me and let’s discuss.
And hey, don’t forget about the possibility of a curveball from a presidential election. Life’s a rollercoaster, and sometimes it throws surprises our way. So, let’s buckle up and stay ahead of the game by keeping our financial plans in check – taxes, prescriptions, and all the jazz that might come our way.
With all these changes coming, it makes sense to review your financial plan. If you don’t have one, now is the perfect time to start.
2025, here we come! 🚀
Book a free consultation today to learn more.
IMPORTANT DISCLOSURES
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