Trump’s tax cuts could expire after 2025. How advisors are preparing

Former President Donald Trump attended a rally in Butler, Pennsylvania, where he was the target of an assassination attempt in July. Financial advisors are preparing clients for potential changes in tax laws, including estate planning strategies to take advantage of current exemptions before they potentially decrease after 2025. Advisors are also considering ways to accelerate income into lower tax brackets and defer deductions to maximize tax savings. It’s uncertain which provisions of the Tax Cuts and Jobs Act will be extended by Congress, so advisors are proactively planning for various scenarios.