Don’t overlook this important element of divorce planning. While not typically top of mind during divorce, taxes are an important consideration, especially completing your tax return.Consult with an attorney or advisor who understands the tax laws so that planning can be done before you agree to a settlement.Being equipped with information regarding divorce,taxes, and your tax return early on can help you work towards a reasonable divorce settlement agreement.
Seize the opportunity to make the most of your estate plan. As with any change in tax legislation, the Tax Cuts and Jobs Act of 2017 gives rise to valuable estate 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.
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.