Imagine a client who has worked hard for 40-50 years to finally reach a point that represents the finish line of financial independence. Even after a global financial meltdown and stock market crash, this client has enough assets and income to feel secure and enjoy life. Unfortunately, there is some bad news ahead, and somebody should deliver it.

That person can be you, and here is what you may want to say: "It's possible, perhaps likely, that your income taxes will rise by 10% or more in the years ahead. As you move through retirement, you may become one of the highest taxed people in America in terms of marginal tax impact. On your last dollar earned, you could face a total tax rate above 50%."

But you also can deliver the good news - high-income seniors should be able to see what's coming and plan for it. At the least, they can make adjustments that will keep higher taxes from ripping apart their budgets and dreams. At best, you can work with their CPAs to minimize the tax impacts, using information and ideas in this article.