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Under the current U.S. tax code, there are three critical areas that can help high-net-worth individuals, families, and business owners maximize their wealth planning potential. We frame these areas in the form of corresponding emerging themes—estate tax, income, and charitable planning—and propose actionable strategies. This is just a ...

In a summary of the tax law signed on December 22, 2017, there are still seven individual tax brackets, but the top rate was lowered from 39.6% to 37%. Most of the law's provisions became effective on January 1, 2018, with numerous provisions expiring after 2025. Like most tax laws, it is neither positive nor negative in and of itself; rat...

What does the passage of the Tax Cuts and Jobs Act mean for high-net-worth taxpayers? Comparing the Act to current law, we outline the provisions and focus on the proposals most relevant to high income and high-net-worth taxpayers and businesses.

At more than one thousand pages, the new tax reform package has plenty of both carrots and sticks for U.S. taxpayers. Both the short- and long-term effects of the new legislation on economic growth in the U.S. are uncertain at this point, but changes in the tax code will undoubtedly confer both benefits and penalties on certain segments of the U.S....

An IRS advisory published in late December could prevent individuals from deducting property tax prepayments in 2017. According to the advisory, taxpayers can deduct a property tax prepayment in 2017 depending on whether the tax was both assessed and paid before January 1, 2018. Prepayments of anticipated real property taxes that have not been asse...

Depending on where you live, your philosophy on fiscal policy and what your sources of income are, the Tax Cuts and Jobs Act could be viewed as a gift or a lump of coal. No matter how you see it, there is a short window of time for the ultra high-net-worth individuals and families to plan for its effects.

The Tax Reform and Jobs Act was signed into law on December 22, 2017. A side-by-side comparison between the old law and the new law highlights the key changes, including the difference between the individual rates, deductions, exemptions, and effective dates.

Estate planners have heard the list of complaints surrounding the Subtitle B, Chapter 13 of the IRC, also known as the generation-skipping transfer tax’s (GST) introduction into the Code—it is nonsense, too complicated, and frightening. The naysayers, however, are missing that the GST tax is rich and nuanced in its applications—bu...

On December 19, 2017, the House and then the Senate approved HR 1, the “Tax Cuts and Jobs Act,” which was signed into law on December 22, 2017. The major tax overhaul includes a reduction in tax rates for most individuals, a reduction in the top corporate tax rate from 35% to 21%, and a reduction in the tax rate on individual business i...

Now that The Tax Cuts and Jobs Act (the Act) has been signed into law, you may be wondering what this means for you and your family. The Act is broad in scope and will change the tax rules for individuals and businesses in 2018 and beyond. When thinking about the impact of the Act on you, your family, and your business, it’s important to reme...

Congress on December 20, 2017 gave final approval to the House and Senate conference committee agreement on tax reform legislation (HR 1 or the Act). The Act will affect mergers, acquisitions and other deals and includes several areas of interest to businesses, including business tax rates, interest expense, cost recovery and immediate expensing, a...

Private foundations assessing the impact of the tax reform legislation (HR1) signed into law on December 22, 2017 should look beyond the private foundation-specific proposals that were not included and assess the impact of provisions affecting all tax-exempt organizations. For some private foundations, the list of key items may include the new exci...

The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. The Act brings about immediate, sweeping changes to the federal income tax laws—especially relating to the commercial and residential real estate industries. Highlights of the Act relating generally to U.S. real estate businesses and their owners also ...

The Tax Cuts and Jobs Act is the largest tax overhaul since the Tax Reform Act of 1986, and there are numerous and significant changes. The changes generally go into effect for tax years beginning after December 31, 2017, and most changes affecting individuals sunset on December 31, 2025. Lawmakers have promised to extend the provisions before the ...

Financial planning is essential to helping secure the future of you and your loved ones, yet it is easy to delay tackling it. Creating a customized financial plan helps define your individual investment goals, identify potential obstacles and allows you to adjust strategies as circumstances change. This article addresses the commonly asked question...