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.
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.
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.