Utilize tax-deferred and tax-free vehicles where possible to reduce taxation
Reevaluate tax efficiency of taxable investments under proposed new tax laws
Proper insurances and estate planning are very important
Yes, people are preparing for uncertainty under President Trump. His style is shaking up the citizens, the government and the economy. In the end, however, I believe that all of the potentially extreme scenarios will eventually end up somewhere in the middle. Like always, America will continue to move forward—and this too shall pass. A well-thought-out financial plan regardless of changes to the tax code, along with a well-diversified portfolio will go a long way toward safely navigating rough waters.
Lou Cannataro is senior partner and wealth advisor at Cannataro Park Avenue Financial.