All of the back and forth is finally over and the election results are in. Donald Trump will take office for a second term and it’s already having a big impact on the market. The news is all over everyone’s feeds and our clients are asking us what this means for them.

We know the campaign trail is fraught with promises, empty or otherwise, on both sides. But will the reality be moving forward? How will a new administration impact the economy, taxes, the stock market, future generations, and other areas of planning? Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® react to the news and discuss what we know and don’t know as we begin thinking through planning decisions.  While uncertainty often leads to market volatility, it all goes back to the importance of having a well-thought-out financial plan that accounts for these fluctuations. History shows the stock market tends to rise over time, regardless of political changes.

Now one of the key takeaways from the episode is the importance of tax planning. With Trump’s reelection, certain tax policies may remain stable, providing some predictability for financial planning. It might be time to consider strategies such as Roth conversions, tax-efficient gifting, and the use of municipal bonds to mitigate tax implications. These strategies are crucial for retirees who are no longer in the accumulation phase but are actively withdrawing from their accounts.

Beyond investment management, the episode highlights the broader scope of financial planning, which includes income planning and estate planning. Building a diversified portfolio and the importance of having assets in different taxable worlds helps optimize tax efficiency.

No matter how you feel about how the election turned out, it’s time to move forward and control what you can. Tax planning will continue to be incredibly important, which is why we will provide you with the booklet  “Are You Paying Too Much in Taxes?” This resource aims to equip listeners with the knowledge and tools needed to navigate their financial future confidently and all you have to do is text ‘OFFER’ to 800-757-0436.

Here’s what we discuss in this episode:

0:00 – Intro

2:33 – Taxes

3:25 – What’s next?

6:53 – Tax planning strategies