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.
December 11, 2017—This year’s holiday season is more frenetic than usual, with investors getting an added dash of craziness in the form of a major federal tax overhaul, a feat last achieved in 1986. That last rewrite was a bipartisan effort between President Reagan and the Democrat-controlled House and Senate, and evolved over the course of nearly 18 months with committee hearings, amendments, and debates.