2019 Estate Planning Update

It’s been a little over a year since the 2017 Tax Act brought a multitude of changes to the tax code. As families continue to learn about the impact of the new law on their future, advisors await further guidance from the treasury department while simultaneously evaluating the challenges and opportunities presented by the changes for their clients. In this annual session, Tom Abendroth of Schiff Hardin and Don Delf of PwC led participants through a thorough discussion of the most important topics and developments covered at the 53rd Annual Heckerling Institute on Estate Planning.

Key legislative, regulatory and case law impacting UHNW families and their family offices were discussed, including: the increased importance on basis planning, IRC Section 199A and the qualified business income deduction, planning with qualified small business stock, changes to the tax treatment of marriage/divorce, effective use of powers of appointment and disclaimers, and planning with the increased exemptions. Additionally, they touched upon updates regarding international planning, planning with trusts, charitable giving, financial assets, as well as issues facing modern families and changing family structures.