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NEWSLETTER: Protecting Your Wealth


December 6, 2023

Welcome back. The year’s almost over but there’s plenty left to cover for 2023. This week’s newsletter: Protecting Your Wealth. Most people think of their homes and cars when they think of Property & Casualty Insurance, but it’s so much more than that. We’ll also discuss The Tax Cuts and Jobs Act 2026 Sunset and meet our in-house P&C aficionado. Settle in for an informative ride.


The Tax Cuts and Jobs Act (TCJA) was passed by the Trump administration in 2017 and implemented a lot of tax benefits that are phasing out in 2026. Unless new legislation is passed by Congress, this is what is scheduled to change. It is likely that some of these provisions will be renewed, and others will be allowed to fall off. 

Income Tax Rate Changes

Many taxpayers will see an increase in their tax rates even in the lower brackets. For example, the 24% bracket will go to 25%.

Standard Deduction

The standard deduction for 2023 is $13,850 for single filers and $27,700 for married filing jointly. It is scheduled to go back down to pre-TCJA levels around $6,350 for single filers and $12,700 for married filing jointly.

Alternative Minimum Tax (AMT)

Under the TCJA, less people were affected by the Alternative Minimum Tax. Whether you pay this depends on your income and your state of residence. More people will be affected by AMT in 2026. 

Mortgage Deduction

Currently, the TCJA limits the mortgage interest expense you can deduct to $750,000 in loan principal. In 2026, this is scheduled to go back up to $1,000,000.

Estate and Gift Tax Deduction

The lifetime gift exemption is currently $12,920,000 for single filers and $25,840,000 for married filing jointly. It is currently scheduled to revert to pre-TCJA levels of $5 million and $10 million, respectively. If there’s an expectation that an estate tax will be levied, it would be strategic to use up that exemption before the limits are severely reduced.  


When most people think of P&C insurance, they think of protecting their house and car, but there is so much more to it. This comprehensive type of insurance covers a wide range of risks, including events such as natural disasters, accidents, theft, and lawsuits, offering policyholders a safety net for various unforeseen circumstances. Let’s review the different things it covers. Do you have any of these that need coverage?

  • Land Development Projects: Builders Risk Insurance - Protects buildings under construction, benefiting property owners, general contractors, subcontractors, lenders, and architects.

  • Business Ventures: Tailored Coverage - Safeguard your business ventures, providing essential protection for business owners and entrepreneurs.

  • Homes: Homeowners Insurance - Ensures your home is shielded against unforeseen events, including fire, smoke, theft, vandalism, or damage caused by weather events like lightning, wind, or hail. This is beneficial for all homeowners.

  • Valuables and Collectibles: Personal Property Protection - Safeguards high-end vehicles, jewelry, art, and other valuable possessions. This is ideal for individuals with high-end valuables or collectibles.

  • Construction Sector: Construction Risk - Tailored coverage for the unique risks associated with construction projects.

  • Commercial Properties: Commercial Property Insurance - Comprehensive protection for commercial properties, addressing a range of potential risks.

  • General Liability: General Liability Insurance - Coverage against third-party claims, providing financial protection for unexpected liabilities.

  • Umbrella Insurance: Umbrella Coverage - An extra layer of protection extending beyond the limits of your existing policies, ensuring added peace of mind.

  • Professional Liability: Directors & Officers (D&O) and Errors & Omissions (E&O) Insurance - Essential protection for professionals against claims of negligence or wrongful acts.

If you’d like us to review your current property & casualty insurance policies or open a new policy, contact us at or set up an appointment using the button at the bottom of the newsletter.


Just a reminder on these upcoming deadlines:

  • Capital gains distributions: If you want to take distributions to impact your 2023 taxes, complete by end of year.

  • Charitable donations: Dec. 31

  • 529 contributions: Dec. 31

  • Required minimum distributions: Dec. 31 (first-year RMDs can be deferred to April 15th of the following year)

  • Tax loss harvesting: Dec. 31

  • Roth IRA Conversions: Dec. 31

  • Spend unused FSA money: Generally, June 30 or Jan. 31 (determined by your health care plan)

  • 2023 IRA Contributions: April 15, 2024


Our Alternative Investments webinars are back! Diversification is a major point for us and we believe our webinars will get you closer to that goal. Join us next week to discuss Mill Green’s Opportunity Fund IX. Mill Green has sponsored eight previous funds that raised approximately $400 million and invested in 33 multifamily development projects and one single family, build-to-rent project. 

Accredited investors only. As always, past performance is not indicative of future results. For more information or to make sure you’re on our webinar guest list, email us at


WD Wealth is fortunate to have several Paraplanner Associates undergirding and servicing our Wealth Strategists. Autumn Ruch, our newest paraplanner, brought her vast experience to our firm after establishing herself in the insurance industry in California. “My role as a paraplanner revolves around implementing plans, gathering information, and brainstorming with the other paraplanners. What we do as a team contributes to the overall betterment of the Wealth Strategists’ discussions with clients. Pulling all my past experiences together from theater, the service industries, psychology, and even nursing have all prepared me well to work behind the scenes to enhance the overall narrative of the company. My expertise in Property and Casualty Insurance naturally dovetails with WD Wealth’s new offering of those pivotal services to our clients.”


“Recently, I came across this one that I just began to follow. It’s hosted by Jamila Souffant and is called Journey to Launch. I like it because she’s a woman who is a certified financial education instructor. She engages with a wide variety of different guests who discuss how they got started in business, how they got out of debt, how they saved money, and how they increased their net worth through small disciplines that they use every day.”


“My all-time favorite book is East of Eden by John Steinbeck. I always seem to come back to it. The characters are so well thought out and it’s a story that has so many life lessons. As time goes on, I have noticed that reading fiction gets me out of my head and actually does become almost like its own self-help book, in that you are escaping to someone else’s journey, someone else’s story.”


With the holidays coming up, no doubt we’ll all be baking (or just eating) holiday sugar cookies. Can you guess what this cookie cutter is supposed to be? (Don’t Google image search it!)

Submit your answers to We’ll let you know if you got it right and we’ll reveal the answer in the next newsletter. 

Last week’s TAKE A BREAK answer was Advice. It’s always taken, but never given. It’s often traded, but never bought. Yet, it’s indispensable to those who need it. We particularly love advice here at WD Wealth, especially of the tax variety. Great job to everyone who guessed! There were some really creative answers that fit just as well as advice! Now, see if you can beat this week’s puzzle. 

Want to chat? 

See you next time!

If you missed last week’s newsletter, click here to catch up.


This advertising is sponsored by Innovation Partners, LLC. The information provided to you does not constitute an offer or solicitation for the purchase or sale of any financial instrument, or security. All materials provided to you are for informational purposes only and may not be construed as legal advice.


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