Decoding the Tax Cuts and Jobs Act of 2017 for Estate and Wealth Planning
As many of you are already aware, the Tax Cuts and Jobs Act of 2017 (Tax Act) was signed into law on December 22, 2017. The Tax Act makes a wide variety of changes to the Internal Revenue Code covering a broad range of estate, income, corporate, and other taxes. Some taxpayers will see tax cuts as a result of the Tax Act, while others may see increases, either in the form of rate increases or reduced deductions.
We have prepared a quick guide to some of the more important provisions that may impact our clients. Links to each of these summaries appear below and may also be found in the “Knowledge Center: Publications” area on our website. The summaries highlight the changes that would be most relevant from a business and estate planning perspective. Unless otherwise noted, the changes in the Tax Act became effective on January 1, 2018, and will sunset on December 31, 2025.
It is worth noting that Treasury Regulations will be necessary to clarify many parts of the Tax Act. The timing of these Regulations is unclear. If you would like to discuss how the Tax Act may affect your estate plan or business interests, please contact your Wendel Rosen attorney. We are available to discuss the tax changes with you and implement any necessary modifications to your estate or business plan.