The Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act could significantly impact your future business, personal and estate tax planning. Most of the Act had an effective date of January 1, 2018, and many of its provisions will expire in 2026.
We recommend that you revisit your estate plan and explore other possible gift and estate planning opportunities in light of the increase of the annual gift tax exclusion and the doubling of the exemption for estate and gift tax for individuals.
Certain provisions of the Act may benefit your business and some may be detrimental such as the loss of certain business deductions.
SCMV is ready to provide you guidance about the Act and how it may affect your personal and business circumstances. Please feel free to contact any of our estate planning or tax attorneys for more information.