Estate Planning Focus: Tax Reform Creates Plenty of Opportunities

The Tax Reform Act contains sweeping changes and impacts all taxpayers, from individuals to businesses, and the rules for each category are different. Generally, the changes made for individual taxpayers, including the pass-through rules for business entities, are effective from January 1, 2018 to December 31, 2025. If no changes are made by December 31, 2025, the tax laws revert back to the 2017 rules. The exception is that the changes that apply to corporations are permanent (though it could be repealed if there is a change of control in the government). Given these changes, it is a good time for a thorough review of your financial and business structures to maximize the opportunities that the Tax Reform provides.