Financial Planning Strategies to Consider If Kamala Harris Wins the Election

Are you prepared for a potential Kamala Harris presidency? With the upcoming election in November, it’s important to consider how a new leader could impact your finances. While a Harris win may not bring as much change as a Trump victory, it’s still wise to start planning now to safeguard your assets.

According to financial planner Steven Calio, a Harris administration may not renew the Tax Cuts and Jobs Act, leading to potential tax increases for high-earning households. To mitigate future tax liabilities, consider reviewing your tax strategies, maximizing contributions to tax-advantaged accounts, and strategically planning asset sales.

Healthcare is another area to evaluate, as Harris has supported expanding access to healthcare. Look into options like Health Savings Accounts to prepare for potential changes in the insurance market and costs.

Estate planning is also crucial, especially if Harris implements a more progressive estate tax. Consider accelerating gifting strategies and shifting assets out of your estate to maximize your estate and minimize tax liabilities.

Using home equity as a funding method could also be beneficial, as interest tied to home debt may become deductible after the sunset provision. Consult with a financial advisor for personalized advice on this strategy.

Assessing your investment portfolio is key, as changes in administration can lead to shifts in market sectors. Consider reallocating investments to sectors likely to benefit from Harris’s policies, such as renewable energy and technology.

In fact, investing in tech stocks could be a lucrative move if Harris is elected president. With signs pointing to a less contentious U.S.-China relationship under a Harris administration, tech companies doing business in China could see positive outcomes.

Remember, these moves are speculative and based on potential policy directions. Consult with a financial advisor to create a personalized plan that aligns with your financial goals and risk tolerance.

As the election approaches, it’s essential to stay informed and prepared for any potential changes that could impact your finances. Start making these financial moves now to ensure you’re ready for a possible Harris presidency.