Be sure your plan meets today’s goals and is flexible for future change. As with any change in tax legislation, the Tax Cuts and Jobs Act of 2017 gives rise to valuable planning opportunities.The new 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.Many of the provisions of the new tax law are scheduled to sunset after December 31, 2025.
Make the increased federal transfer tax exemption work to your advantage. As a business owner, it’s important to understand how the new tax law changes can work to your advantage.The increased federal transfer tax exemption amount (the exemption) provides a unique opportunity for you to implement beneficial transfer tax strategies for your business interests.
Learn about the new tax treatment of alimony and other considerations. The new tax act changes the tax treatment of alimony for both the payer and the recipient.For divorces finalized prior to January 1, 2019, this new tax treatment will not apply and will be grandfathered under the rules of the prior law.It is important to review your settlement agreement in light of these tax law changes, and consider modification of an existing agreement if appropriate.