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Estate Planning After the Enactment of the Tax Cuts
and Jobs Act

On December 22, 2017, President Trump signed the “Tax Cuts and Jobs
Act” into law. The new legislation represents a compromise between
House and Senate Republicans on their respective tax overhaul
proposals, and is the most significant tax reform legislation to be
enacted in over thirty years. Although the inherent complexities of the
new legislation, combined with the whirlwind pace of its passage, poses
many questions for analysts and tax practitioners alike as they begin to
navigate the new tax system, we do have an understanding of what the
new law will mean for high net worth individuals interested in advancing
their estate planning goals.

Deborah Pechet
Quinan
Chair, Trusts &
Estates Group
dpq@riw.com

Most of the provisions of the Tax Cuts and Jobs Act (the “Act”) became
effective on January 1st, and will sunset (or default to prior law) after
December 31, 2025, absent further congressional action. In addition to
extensive income tax related changes, including modifications to the
individual and corporate income tax rates, doubling of the standard
income tax deduction, capping of the state and local tax deduction,
elimination of the personal income tax exemption, increase in the
exemption for the alternative minimum tax, and decrease in the
mortgage interest deduction, the Act temporarily doubles the federal
estate, generation-skipping transfer (“GST”) and gift tax exemption
amounts, thereby offering high net worth families enhanced planning
opportunities.

Bill Friedler
bnf@riw.com

Full Alert

This article was co-authored by Deborah Pechet Quinan and Deborah Qualia Howe.

Deborah Pechet Quinan is the Chair of RIW's Trusts & Estates Group. Deborah can be
reached at dpq@riw.com or 617-742-4200.

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