As President-elect Donald Trump steps into the White House, financial experts suggest that upper-middle class individuals take proactive steps to safeguard and grow their wealth in the evolving economic landscape. The Trump administration brings both opportunities and risks, and experts highlight key strategies to navigate the changes.
Diversify Assets Beyond U.S. Financial Systems
Blake Harris, an attorney and asset protection expert at Blake Harris Law, recommends that investors consider diversifying their assets outside the U.S. financial system. Harris points to potential economic instability, including the reinstatement of the Corporate Transparency Act reporting requirements and the looming debt ceiling crisis, as reasons for diversifying internationally.
He suggests that high-net-worth individuals explore stable foreign banking systems, such as those in Switzerland and Singapore. “Moving some assets abroad can offer privacy, jurisdictional stability, and protection from domestic financial turbulence,” Harris explains. “In times of uncertainty, diversifying internationally ensures that assets remain secure and accessible regardless of shifts in U.S. policies or economic downturns.”
Prioritize Estate Planning Ahead of Tax Changes
Raul Gastesi, an attorney with over 35 years of experience in estate planning, advises upper-middle class individuals to take advantage of favorable estate tax exemptions before potential changes in tax law under the Trump administration. He highlights the current federal estate tax exemption of $13.75 million ($27.5 million for married couples), which is set to sunset in 2025.
Gastesi recommends that individuals consider transferring wealth to heirs through lifetime gifts or trusts while these high exemption limits are in place. “Taking proactive steps now can lock in favorable rates, ensuring that more wealth is passed down to future generations,” he states.
As President Trump takes office, these financial strategies can help investors navigate uncertainty and position themselves for long-term success.
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