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.
This Issues and Insights provides a summary of the new tax law and round-up of important highlights. There are still seven individual tax brackets, but the top rate was lowered from 39.6% to 37%. As expected, the new law nearly doubles the prior estate, gift, and generation-skipping transfer tax exemption, from $5,490,000 for individuals, or
Three themes to maximize your wealth planning potential. Estate tax planning: Take advantage of the higher estate, gift, and generation-skipping transfer (GST) tax exemption—which was nearly doubled under the new tax law. Income tax planning: Take advantage of other state jurisdictions to reduce or mitigate your current (or future) state and local income taxation. Charitable