Just days after President-elect Obama’s historic victory, wealthy individuals, including even professional baseball players, are taking preemptive actions to prepare for a possible life with higher taxes. 

“I think we expect the climate to become much more restrictive for high-income taxpayers. The things that had been done in the past -- whether they are perceived loopholes or actual loopholes --- [are] going to be reduced dramatically under an Obama presidency,” said Phil Tortorich, a partner and tax expert at Katten Muchin Rosenman LLP in Chicago.

Obama campaigned under a promise to cut taxes for American families making less than $250,000 a year while raising top federal income-tax rates from 35% to 39.6%. Of course, promises made on the campaign trail don't necessarily make it into law, and with the economy so weak Obama may not push for these changes early in his term.

Not everyone who might see an increase is upset about it, of course.

“My sense is that people are certainly aware that their taxes are going to be going up, but are less troubled by it,” said Blanche Lark Christerson, managing director at Deutsche Bank Private Wealth Management. “It’s a little comparable to flying coach. If you are willing to pay a little bit more, we’ll let you have an exit row seat.”

Bothered by the higher rates or not, some wealthy individuals have turned to their accountants to consider last-minute strategies that may no longer be options under Obama tax law that could be retroactive to January 1.

“A lot of his tax policy probably will come to fruition. If we can do something this year, then we should do it,” said Tortorich.

While wealthy individuals consider taking advantage of current capital-gains rates, professional baseball players without a contract race to secure their signing bonuses before the end of the year.

Major League Baseball free agents can’t begin to bargain with teams until Friday and contracts often aren’t settled until January. Even though it’s not clear if the those bonuses would be subject to a potential Obama tax hike, some agents aren’t willing to take the chance.

“If it’s my guy signing the deal, I would say, let’s just not leave it open for interpretation. Let’s get the contract signed beforehand and have the signing bonus wired” to make sure it’s taxed under the present rates, said Bob Baratta, a professional business manager whose clients include Florida Marlins centerfielder Cameron Maybin.

Even the best baseball agents won’t be able to escape the new hits players will take under Obama’s tax plans.

Take New York Yankees third baseman Alex Rodriguez, who signed a 10-year, $275 million deal last offseason to become baseball’s highest paid player. Under Obama’s proposed tax rates, Rodriguez’s annual federal taxes will jump to $10.89 million from $9.6 million.

Aside from higher income taxes, wealthy individuals not lucky enough to be playing for the Yankees are likely concerned about higher capital gains taxes under an Obama administration. Those worries have caused accountants to recommend alternative strategies such as intentionally incurring capital gain now to lock in the 15% long-term capital gains tax.

“People who believe in the very dark side of what can happen are worried and saying ‘Let’s incur the gain now,’ which is against conventional wisdom,” said Tortorich.

Christerson noted that even if Congress raises capital gains taxes to 20%, rates will still be well under the 28% level of 1986. “It is important to keep things in mind historically,” she said.

Still, wealthy individuals may feel the most pressure in regards to capital gains as Christerson said she could see changes to these rates being retroactive to January 1.

On other hand, Christerson believes an Obama income tax hike won’t take effect until it’s signed into law.

“If you make this retroactive to Jan. 1, they are going to have a very painful catch up with their cash withholding,” said Christerson.

There are also a number of perceived loopholes that the new administration could look into closing, such as trusts used to shield individuals from estate taxes.

For example, Tortorich is urging his clients take advantage of the Qualified Personal Residence Trusts and Grantor Retained Annuity Trusts, which are used to transfer wealth or assets to future generations at low or no gift tax rates, in case they are banned in future years.