Seize the opportunity to make the most of your estate plan while the current laws are still in place.As with any change in tax legislation, the 2017 Tax Cuts and Jobs Act (the Tax Act) gave rise to valuable planning opportunities. The current tax law serves as a good reminder to review your estate plan to be sure that it is consistent with your current goals and is flexible to promote tax efficiency under today’s tax laws.
Explore how a ‘backdoor’ Roth IRA or Health Savings Account may help you save more for retirement. If your income is too high to make direct Roth IRA contributions, converting a traditional IRA to a Roth may be a viable option.Health Savings Accounts may offer a tax saving opportunity, as contributions are tax deductible and withdrawals are tax free if used for qualified medical expenses.
Wilmington Trust’s Don DiCarlo, Chief Fiduciary Officer, and Alvina Lo, Chief Wealth Strategist, discuss how you can benefit from tax reform with Editor in Chief of Trusts & Estates magazine, Susan Lipp, at the 52nd Annual Heckerling Institute on Estate Planning.