The Tax Act represents the most significant rewrite of the United States tax code in over 30 years. Though the legislation was originally designed to simplify the tax code, this lofty goal was seemingly forgotten somewhere along the way and, in many instances, the new law has had the opposite effect. Many provisions are astonishingly complex. Advisors will need time to sift through the morass to discover those elusive opportunities for tax savings for clients. Until then, it is imperative for advisors to review their client’s existing plans to avoid any unintended consequences and as much estate, income, and GST over successive generations.
See Sasha A. Klein & Mark R. Parthemer, The New Tax Law: It’s Déjà Vu All Over Again, Probate and Property Magazine, March/April 2018.
