Wealth Planning Year-End Considerations

With the current makeup of Congress, we feel confident we will not see another major catalyst for tax policy change until the 2024 general elections. Accordingly, this year-end planning note focuses on current law and provides a framework of considerations and opportunities to explore as part of traditional year-end planning. It is also not too early to start planning for the sunsetting of several provisions of the 2017 Tax Cuts and Jobs Act (TCJA) in 2026.

In our Highlights section below we summarize the key points. To see a fuller explanation for those who want to dive into the details, click download PDF.

As always, please engage your Pathstone advisory team to help assess opportunities and their potential application and appropriateness to your family’s unique planning situation.


Income tax – Tax rates and deduction structures for 2024 mirror those of 2023 but for annual inflation adjustments.

Income tax planning – Whether you should defer or accelerate income and deductions between 2023 and 2024 depends to a great extent on your projected marginal (highest) tax rate for each year.

Transfer tax year-end checklist – Before the end of 2023, consider:

  • Making annual exclusion gifts
  • Direct payments for medical and tuition expenses
  • Creating a two-year GRAT before anticipated GST tax exemption sunset
  • Reviewing buy-sell agreements

Preparing for lifetime exemptions sunsetting – Planning now in anticipation of legislative changes at the end of 2025 cannot be stressed strongly enough.

  • Review objectives and impact
  • Review structures and jurisdictions
  • Decide what assets to transfer
  • Evaluate addition options after exemptions are fully used

Ensuring your planning works for your family – The human impact of wealth and estate planning should not be overlooked

  • Choose the right starting place for you and your family
  • Explore how your planning impacts those around you
  • Communicate, communicate, communicate

This letter and its content are for informational and educational purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness. No information available through this communication is intended or should be construed as any advice, recommendation or endorsement from us as to any legal, tax, investment or other matters, nor shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security, and this communication has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient. Past performance is no guarantee of future results.  Additional information and disclosure on Pathstone is available via our Form ADV Part 2A, which is available upon request or at www.adviserinfo.sec.gov.

Any tax advice contained herein, including attachments, is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of (i) avoiding tax penalties that may be imposed on the taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


Scottsdale, AZ

Contact & Locations

Los Angeles, CA

Contact & Locations

Lakewood, CO

Contact & Locations

Alexandria, VA

Contact & Locations


Contact & Locations

Naples, FL

Contact & Locations
Street view of Winter Park Florida Pathstone Office

Winter Park, FL

Contact & Locations

Atlanta, GA

Contact & Locations

Boston, MA

Contact & Locations

Englewood, NJ

Contact & Locations
Aerial view of New York City

New York, NY

Contact & Locations

Providence, RI

Contact & Locations

Austin, TX

Contact & Locations

Bellevue, WA

Contact & Locations

Seattle, WA

Contact & Locations