ACTEC Fellow and President of Family Wealth for Wilmington Trust’s Eastern U.S. Region, Sharon Klein, shares her insights on this ACTEC podcast about protecting assets before marriage and after a divorce. Listen to podcast This podcast is for general information only and is not intended as an offer or solicitation for the sale of any financial product, service or other professional advice. Professional advice always requires consideration of individual circumstances.
This article reprint was recently published in the July issue of Trusts & Estates magazine.The 2017 Tax Cuts and Jobs Act (the Tax Act) altered the way that income from certain trusts is taxed in the event of a divorce.Practitioners should carefully consider the tax impact of every trust created during a marriage in the event the parties get divorced in the future.
In this recent New York Times reprint, Chief Wealth Strategist Alvina Lo shares her insights. With the rule on alimony and deductions changed, so must the strategy of couples parting ways.In particular, couples going through a divorce should re-examine their tax strategy, as well as their cash flow and spending needs.Wealthier families should consult with their tax advisors to fully understand the tax implications of the new law.