Changing conditions and tax laws always require new thinking, and 2022 might be a banner year for new strategies.

“Interest rate increases could make estate planning vehicles such as grantor retained annuity trusts less attractive,” Patel said. “Inflation functions as a hidden tax on people who hold dollars.”

“There’s a good chance that the back door Roth IRA contribution strategy will be eliminated,” Primeau added. “We’re coaching clients who still want to leverage the ... strategy do so by Dec. 31 for 2021 instead of waiting to make this contribution in 2022, and hoping that Congress will still permit it.”

“For those selling a business, spread the income over several years to try to stay below the $10 million income threshold, Primeau said. “The same goes for net business income. If it appears that a business owner may have an income spike in a particular year, try to smooth that income over a few years to keep it below the $400,000/$500,000 level. For example, consider the benefits of installing a defined benefit plan to give some dollars to yourself and your team instead of the government.”

Panic, of course is never a strategy. Patience is.

“Tax laws are always changing, and we may be three years away from sweeping tax law changes should the Republicans win the White House and perhaps Congress as well,” Primeau said. “Nothing is permanent these days when it comes to the tax law.”

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