On December 22, 2017, President Trump signed into law the highly anticipated tax bill, and most provisions became effective on January 1, 2018. For the first time in over 30 years, we are faced with an overhauled U.S. tax code and revised regulations that have made it even more massive and labyrinthine. In our continuing effort to keep you abreast
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 reform act 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 tax reform act nearly doubles the prior estate, gift, and generation-skipping transfer tax exemption, from $5,490,000 for