Advanced Planning Insights & Ideas – Proposed 2025 Budget

Download the Advanced Planning Insights & Ideas to read highlights of select provisions that would affect matters close to our industry, including estates, trusts, and higher individual income earners. 

Like President Biden’s 2024 budget proposal, this one was delivered to a Republican-controlled House of Representatives, prompting some commentators to doubt its overall viability. However, as noted above, it contained over 80 different revenue proposals, and this article has covered only a few of them. No one can say how budget negotiations may actually play out; even if only a portion of the current proposals become law, there could be significant impacts on clients’ planning now and far into the future. The proposals with the broadest impact would be the increase in the personal income tax rate and the forced gain realization on property transferred by gift or at death.