3 Money Transfers the Middle and Upper Class Should Make Before Inauguration Day
Trump’s Inauguration Day is coming soon. Making the necessary preparations before a president-elect takes office can put you in a better financial position.
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The Trump economy presents opportunities and risks for investors. The middle and upper classes can benefit from the following monetary measures.
Blake Harris is an attorney and founder of Blake Harris LLP. He is an expert in asset protection and offshore banking solutions. He believes that middle- and upper-class investors may benefit from moving some of their assets outside the U.S. financial system.
“With the recent shift to reinstate Corporate Transparency Act reporting requirements, the looming debt ceiling crisis, and instability within some U.S. banks, the economic outlook points to potential volatility. High-net-worth individuals should diversify their assets internationally by diversifying their assets.” Hedge against these uncertainties.
“Establishing an account or investing in a stable foreign banking system, such as Switzerland or Singapore, not only protects funds from domestic financial turbulence, but also provides privacy and jurisdictional stability,” Harris continued. “In In times of uncertainty, smart money moves outside the United States, ensuring that assets remain safe and accessible regardless of domestic policy changes or economic downturns.”
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Raul Gastesi is an attorney and co-founder of Gastesi, Lopez & Mestre. He has been assisting clients with estate planning for more than 35 years and says now may be a good time for middle- and upper-class individuals to plan their estates.
“A smart money move that high-net-worth individuals need to consider, especially those focused on estate planning, is to take proactive steps before the Trump-era tax cuts are likely to be rolled back in 2025,” he said. “This may include Take advantage of the current high federal estate tax exemption of $13.75 million ($27.5 million for married couples) and transfer wealth to heirs through a lifetime gift or trust to lock in these favorable rates.”
Gastesi recommends considering three specific estate planning strategies:
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Grantor Retained Annuity Trust (GRAT): Allows for tax-efficient wealth transfers while taking advantage of current exemptions.
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Dynasty Trust: These can protect assets for multiple generations within the current framework.
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Irrevocable Life Insurance Trust (ILIT): Strategies to use life insurance for estate tax planning while locking in current interest rates.
