Tax Reform Made Simple?

Wilmington Trust |
Tax Reform
Tax-Reform-NC.jpg

A round-up of important highlights from the current tax law. Under current law, there are seven individual tax brackets, with the top rate at 37%. The current estate, gift, and generation-skipping transfer tax exemption is $11,400,000 for individuals or $22,800,000 for married couples.The standard deduction is $12,200 for individuals and $24,400 for married couples.

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Make the Most of Tax Reform

Wilmington Trust |
Tax Reform
New-tax-Laws-Three-Themes-NC.jpg

Three themes to help maximize your wealth planning potential.Estate tax planning: Take advantage of today’s higher estate, gift, and generation-skipping transfer (GST) tax exemption.Income tax planning: Take advantage of other state jurisdictions to reduce or mitigate your current (or future) state and local income taxation.Charitable planning: Take advantage of the “last deduction standing” for charitable planning.

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