Trusts & Estates
The Tax Cuts and Jobs Act: Estate and GST Taxes Repealed; Retirement Accounts Remain Unaltered
by Jeramie J. Fortenberry, JD, LLM and Andreea Olteanu, JD
On November 2, 2017, Republicans in the House of Representatives released their version of a tax reform bill: The Tax Cuts and Jobs Act (the "GOP Act"). This is the first draft of what will be the most comprehensive tax code revision in decades. It's also the first detailed iteration of the broad-stroke proposals contained in the Unified Framework for Fixing Our Broken Tax Code ("Unified Framework"), released by the Trump Administration on September 27, 2017.
As expected, the GOP Act is extensive, but WealthCounsel's Education team has broken it down to focus on elements most relevant to estate planning attorneys: the repeal of the estate and generation-skipping transfer (GST) taxes and the omission of feared changes to retirement accounts.
While we wait and see how the GOP Act morphs through the legislative pipeline, it's wise to be prepared and ready to answer the inevitable questions from clients. Please read this brief for detailed insights into the GOP Act and implications for you and your clients.
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