There is a (loud) call to raise taxes … immediately. If you are wondering how you might be impacted, I encourage you to start learning about proposed increases and to begin planning for potential changes in tax legislation now. With the help of careful financial planning via timing, valuation discounts, low interest rates and intra-family loans; you will be better prepared. For a good starting point, I suggest you read an editorial in the November edition of the Journal of Financial Planning called “With Higher Taxes Looming, Are Your Clients Ready?” by Ed McCarthy.  I think this article does a great job of explaining the implications of this movement and provides some excellent solutions with the help of several CPAs.