All Tax Reform Content

Tax Reform Made Simple?

Wilmington Trust |
Tax Reform
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This Issues and Insights provides a summary of the new tax 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 act more than doubled the prior estate, gift, and generation-skipping transfer tax exemption, from $5,490,000 for individuals, or $10,980,000 for married couples, to approximately $11,400,000 for individuals or $22,800,000 for married couples (for 2019).

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Make the Most of Tax Reform

Wilmington Trust |
Tax Reform
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Three themes to help 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 planning: Take advantage of the “last deduction standing” for charitable planning.

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