Because the political tension between Republicans and Democrats in the coming election year isn’t going to subside, most tax planners don’t expect any tax law changes until at least 2013, said adviser Lauren Locker, owner of Locker Financial Services LLC. But they’re coming, and advisors are already beginning to help wealthy clients prepare. Recommendations include selling lucrative investments while capital gains taxes are low, converting traditional individual retirement accounts into Roth IRAs, and donating appreciated securities instead of giving cash to favorite charities.

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