File 029433
Ruberto, Israel & Weiner Tax Planning Alert: Estate Planning After Tax Cuts and Jobs Act (File 029433)
Email forwarding a legal alert from Ruberto, Israel & Weiner law firm regarding estate planning strategies for high net worth individuals following the December 2017 enactment of the Tax Cuts and Jobs Act, sent by Richard Kahn of HBRK Associates.
Summary
Richard Kahn forwards a comprehensive legal alert from Ruberto, Israel & Weiner regarding estate planning opportunities created by the Tax Cuts and Jobs Act signed into law on December 22, 2017. The alert explains that the new legislation doubles federal estate, generation-skipping transfer, and gift tax exemptions, creating enhanced planning opportunities for high net worth families. The document details various tax changes including modifications to individual and corporate income tax rates, deductions, and exemptions, with most provisions effective January 1, 2018 and set to sunset December 31, 2025.
From: Richard KahnSent: 1/3/2018 11:00:51 PMTo: jeffrey E. [jeeyacation@gmail.com]Subject: Fwd: Ruberto, Israel & Weiner Trusts & Estates Alert: Estate Planning After the Enactment of the Tax Cuts and JobsActImportance: HighRichard KahnHBRK Associates Inc.575 Lexington Avenue 4th FloorNew York, NY 10022telfaxcellBegin forwarded message:From: "Ruberto Israel & Weiner" <info@riw.com>Subject: Ruberto, Israel & Weiner Trusts & Estates Alert: Estate Planning After the Enactmentof the Tax Cuts and Jobs ActDate: January 3, 2018 at 4:02:49 PM ESTTo:Reply-To: infoRriw.comJanuary 2018HOUSE OVERSIGHT 029433Estate Planning After the Enactment of the Tax Cutsand Jobs ActOn December 22, 2017, President Trump signed the "Tax Cuts and JobsAct" into law. The new legislation represents a compromise betweenHouse and Senate Republicans on their respective tax overhaulproposals, and is the most significant tax reform legislation to beenacted in over thirty years. Although the inherent complexities of thenew legislation, combined with the whirlwind pace of its passage, posesmany questions for analysts and tax practitioners alike as they begin tonavigate the new tax system, we do have an understanding of what thenew law will mean for high net worth individuals interested in advancingtheir estate planning goals.Most of the provisions of the Tax Cuts and Jobs Act (the "Act") becameeffective on January 1st, and will sunset (or default to prior law) afterDecember 31, 2025, absent further congressional action. In addition toextensive income tax related changes, including modifications to theindividual and corporate income tax rates, doubling of the standardincome tax deduction, capping of the state and local tax deduction,elimination of the personal income tax exemption, increase in theexemption for the alternative minimum tax, and decrease in themortgage interest deduction, the Act temporarily doubles the federalestate, generation-skipping transfer ("GST") and gift tax exemptionamounts, thereby offering high net worth families enhanced planningopportunities.Full Alert=Deborah PechetQuinanChair, Trusts &Estates Groupdpq@riw.comBill Friedlerbnf@riw.comThis 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 bereached at dpq@riw.com or 617-742-4200.HOUSE OVERSIGHT 029434For a full description of our Trusts & Estates Group and a list of all of our practice areas,visit www.riw.com or contact any attorney in our T&E Group.Deborah Pechet Quinan, Chair, Trusts & Estates Group, Shareholderdpq@riw.comBill Friedler, Shareholderbnf@riw.comCatherine Barton Rossetti, Associatecbr@riw.comDeborah Qualia Howe, Of Counseldqh@riw.comJayne Mahoney, Paralegalilm@riw.comMichele Orchanian, Paralegalmao@riw.comStay ConnectedCorporate & Business I Banking, Finance & LendingBankruptcy Law I Litigation I Construction Law I Securities LawTechnology I Employment Law I Emerging CompaniesCommercial Real Estate I Intellectual PropertyHospitality and Retail Services I Trusts & Estates255 State Street, 7th Floor I Boston, MA 02109T: 617.742.4200 I F: 617.742.2355 IHOUSE OVERSIGHT 029435This summary is presented for informational and educational purposes only, does not constitute legal advice, andcannot be used for the purpose of avoiding tax penalties. Use of this summary does not create an attorney-clientrelationship and is not a substitute for legal counsel.©2018 Ruberto, Israel & Weiner, P.C.Share this email:Manage your preferences I Opt out using TrueRemoveTIVIGot this as a forward? Sign up to receive our future emails.View this email online.255 State StreetBoston, MA I 02109 USThis email was sent toTo continue receiving our_______________________emails, add us to your address book.HOUSE OVERSIGHT 029436