NEW YEAR, NEW INTENTIONS Rethinking ‘Big Goals’ for Lasting Change
ADOPT AN ATTITUDE OF GRATITUDE. While we have so many things we could complain about, think about everything we have to be thankful for. The next time you start to complain about your job, be grateful you have one. Of course, gratitude isn’t always easy, but is it supposed to be? Even the slightest effort to adopt this mindset will change your life forever. EMBRACE WHAT’S MEANINGFUL TO YOU. There’s no better time than the present to lean into what matters most to you. Tell someone you love them the moment you feel it, apologize quickly, and hug them often. The time is now; we don’t know how long we have on this Earth. These resolutions aren’t exactly fitness-focused, but they center on self- improvement for the long game. Be intentional with your resolutions. Remember, if you don’t put much thought into them, you will just as easily neglect them. Let’s be intentional in 2025!
Have you created your New Year’s resolutions yet? If so, do you feel your goals are attainable? And how does that list serve you?
Let’s be honest about our New Year’s resolutions. Based on our 2024 goals, we should all be in the best shape of our lives. We would have beaten our smoking habit, have zero debt, and knocked two destinations off our bucket list by now! Unfortunately, many of us deviate from the commitments we set for ourselves in January. If you can truthfully say your life is better now than last year, then celebrate to your heart’s content. However, if your life hasn’t changed much since last year, it may be worthwhile to revisit your list and consider the following additions. MAKE AN IMPACT ON SOMEONE ELSE’S LIFE. We’ve all got “stuff” going on in our lives, but maybe it’s time to pause and think about how to make someone else’s day. It can be as small as smiling at a stranger at the grocery store or sending “thinking of you” cards to friends and family. You’ll be surprised how doing for others will impact your own life.
HOW POTENTIAL TAX CODE CHANGES IN 2025 COULD IMPACT YOUR ESTATE PLAN Will the Tax Cuts and Jobs Act Be Extended?
tax deductions at $10,000, doubling standard deductions, ultimately lowering tax burdens for individuals and businesses, and doubling the estate tax exemption. But as these provisions are set to expire on Dec. 31, 2025, Congress must decide what to do next: extend, reform, or expire .
might opt for a short-term extension of the TCJA provisions. This approach would provide immediate relief from potential tax hikes and prolong future tax policy uncertainty. • Expiration: The least likely but most drastic scenario would be the complete expiration of the TCJA provisions, reverting tax codes to pre-2017 statuses. This outcome would introduce significant uncertainty and potentially higher tax liabilities. HOW THIS AFFECTS YOUR ESTATE PLANNING Understanding these potential outcomes is vital for crafting a resilient estate plan. Whether you are considering transferring business ownership or planning for future generations, knowing how the tax landscape could change helps you make informed, strategic decisions. As we look forward to 2025, our team remains dedicated to providing strategic guidance informed by the latest tax law developments. We encourage anyone concerned about how these changes might affect their estate plans to seek personalized advice.
POTENTIAL SCENARIOS FOR THE TCJA
•
Long-term Extension: Since the Republicans retained control of Congress, there is a strong chance they will use the
A critical topic on the minds of many is the potential changes to the tax code, particularly with
reconciliation process to extend the TCJA. This extension would likely continue the reduced corporate tax rates, the enhanced estate tax exemption, and other elements of the TCJA. • Bipartisan Reform: If Congress is conflicted, a bipartisan agreement where both parties find a middle ground might occur. This scenario could result in a long-term, possibly permanent, tax policy that might modify existing provisions to reflect the current economic landscape and bipartisan priorities. • Short-term Extension: If comprehensive tax reform proves too challenging, Congress
the looming expiration of the Tax Cuts and Jobs Act (TCJA) of 2017. However, because Republicans won the House and Senate, it may be extended. Since we do not know yet, here is what you need to know about the possible future of your taxes and how it might affect your estate planning.
UNDERSTAND THE TCJA’S IMPACT The TCJA, enacted in December 2017,
represented the most significant overhaul of the U.S. tax code in almost three decades. The most notable changes included reducing the corporate tax rate from 35% to 21%, capping state and local
EagleandFein.com
2
Published by Newsletter Pro • www.NewsletterPro.com
Made with FlippingBook Ebook Creator