The 2017 Tax Cuts and Jobs Act created significant ramifications in the divorce context, particularly on the income tax front.
- This article discusses seven areas impacted by the current tax laws–including taxation of trust income and other important considerations.
- Issues including taxation of alimony payments, the suspension of the personal exemption and the miscellaneous itemized deduction, as well as possible higher valuations for closely held businesses, are also covered.
- Family law practitioners must stay informed about how these tax laws could affect their divorcing clients.
This article was originally published on www.familylawyermagazine.com and is reprinted here with permission. Sharon further shared her insights on this subject in a podcast titled The New Tax Laws for Trust Income Following Divorce.
This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any business/estate planning or investment strategy is suitable for a specific business or investor. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance the any investment, financial or estate planning strategy will be successful.
This podcast is for general information only and is not intended as an offer or solicitation for the sale of any financial product, service or other professional advice. Professional advice always requires consideration of individual circumstances. The information in this podcast has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. The opinions, estimates and projections constitute the judgment of Wilmington Trust and are subject to change without notice. Wilmington Trust is a registered service mark. Wilmington Trust is a wholly owned subsidiary of M&T Bank Corporation (M&T).
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that, while this presentation is not intended to provide tax advice, in the event that any information contained in this presentation is construed to be tax advice, the information was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any matters addressed herein.
Third-party trademarks and brands are the property of their respective owners.