Certainty on Tax for Two Years
The new tax law in effect only lasts for two years. Therefore, when devising an estate plan, take into account that the tax law will most likely change again in two years. In December, the new tax law was enacted; it included various income, gift and estate tax breaks for individuals with considerable income. Everyone still needs to change their estate plans to flexible plans for the distribution, protection, and management of their assets to adapt to future changes in the tax law. Even if there is a tax provision that seems unlikely to change, it is unwise to not take into account that possibility. Some key provisions enacted in the new tax law that affect high-income or high-net-worth individuals include personal exemption, itemized deductions, capital gains, state and local taxes, alternative minimum tax, retroactive estate tax, state estate taxes and the energy tax credit.
To read more on this article, visit Certainty on Tax, but Just for Two Years.
If you have any questions or would like more information, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
