Fwd: Ruberto, Israel & Weiner Trusts & Estates Alert: Estate Planning After the Enactment of the Tax Cuts and Jobs Act
January 2018
Estate Planning After the Enactment of the Tax Cuts and Jobs Act
On December 22, 2017, President Trump signed the "Tax Cuts and Jobs Act" into law. The new legislation represents a compromise between House and Senate Republicans on their respective tax overhaul proposals, and is the most significant tax reform legislation to be enacted in over thirty years. Although the inherent complexities of the new legislation, combined with the whirlwind pace of its passage, poses many questions for analysts and tax practitioners alike as they begin to navigate the new tax system, we do have an understanding of what the new law will mean for high net worth individuals interested in advancing their estate planning goals.
Deborah Pechet Quinan
Chair, Trusts & Estates Group
dpq@riw.com
Most of the provisions of the Tax Cuts and Jobs Act (the "Act") became effective on January 1st, and will sunset (or default to prior law) after December 31, 2025, absent further congressional action. In addition to extensive income tax related changes, including modifications to the individual and corporate income tax rates, doubling of the standard income tax deduction, capping of the state and local tax deduction, elimination of the personal income tax exemption, increase in the exemption for the alternative minimum tax, and decrease in the mortgage interest deduction, the Act temporarily doubles the federal estate, generation-skipping transfer ("GST") and gift tax exemption amounts, thereby offering high net worth families enhanced planning opportunities.
Bill Friedler
bnf@riw.com
[Full Alert]
This article was co-authored by Deborah Pechet Quinan and Deborah Qualia Howe.
Deborah Pechet Quinan is the Chair of RIW's Trusts & Estates Group. Deborah can be reached at dpq@riw.com or 617-742-4200.
For a full description of our Trusts & Estates Group and a list of all of our practice areas, visit www.riw.com or contact any attorney in our T&E Group.
Deborah Pechet Quinan, Chair, Trusts & Estates Group, Shareholder
dpq@riw.com
Bill Friedler, Shareholder
bnf@riw.com
Catherine Barton Rossetti, Associate
cbr@riw.com
Deborah Qualia Howe, Of Counsel
dqh@riw.com
Jayne Mahoney, Paralegal
jlm@riw.com
Michele Orchanian, Paralegal
mao@riw.com
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This summary is presented for informational and educational purposes only, does not constitute legal advice, and cannot be used for the purpose of avoiding tax penalties. Use of this summary does not create an attorney-client relationship and is not a substitute for legal counsel.
© 2018 Ruberto, Israel & Weiner, P.C.
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