President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017, making massive changes to business, personal, and estate tax rules. Every aspect of planning will be affected: asset protection, charitable giving, planning for itemized deductions, choice of entity, trust income tax planning, the structure of trusts (grantor vs. non-grantor, ING, SLATs, DAPTs, etc.), and more.
This is the most sweeping tax legislation since the 1986 tax act. It might also be the most quickly cobbled together and passed piece of major tax legislation ever, creating a myriad of questions and issues. It will transform estate planning. Income tax planning (and not just basis maximization), will be the new driver to motivate clients. New trust techniques will help practitioners serve this changing dynamic.
A brand-new book, "Estate Planning Under the 2017 Tax Reconciliation Act", by Martin Shenkman, Jonathan Blattmachr, and Joy Matak addresses this legislation in incredible detail.
The book explains many of the new provisions and explores how planning will change, with an emphasis on estate and transfer tax planning, and tax planning for individuals.
We're excited to work with our partners to offer a Pre-Publication version of this ground-breaking and incredibly timely book, available for digital download as a PDF.
*This may constitute attorney advertising.