Pitfalls and Opportunities Under the New Federal Tax Law: Part 1

By temporarily increasing the federal exemption from $5.5 million to $11.18 million for the gift, estate and generation-skipping taxes, the Tax Cuts and Jobs Act of 2017 (the “Act”) has created estate tax and income tax planning opportunities as well as traps for the unwary. In this multipart series, we explore all of these in depth. First we will look at potential pitfalls, including the risks that the Act could thwart a goal to make your spouse the first priority under your estate plan.