by Sidney Kess, JD, LLM, CPA
The new Tax Cut and Jobs Act is the most complex and important tax act in the last 50 years. It involves comprehensive tax law changes that will force practitioners to rethink every aspect of estate planning.
This book offers incredibly creative applications of the new tax law. It provides CPAs, attorneys, financial advisers, insurance consultants, and trust officers more than a simple explanation of new rules; it provides insights and ideas that will help clients thrive under this new and very different tax regime.
It's an incredibly practical book, whether your clients are worth $1M or $100M.
The authors introduce new and creative trust planning suggestions to maximize charitable contributions, salvage state and local tax (SALT) deductions, and more.
New ideas for trusts abound: spousal lifetime access trusts (SLATs), beneficiary defective inheritors trusts (BDITs) and incomplete non-grantor trusts (INGs). In addition, practical planning ideas are included on such topics as repurposing existing planning, asset protection planning, qualified business income deductions (199A), dealing with the sunset of so many provisions, and the possibility of new legislation if control in Washington shifts.
One key point of this book is that estate planning is more about income tax planning than ever before; the book discusses so much more than just maximizing basis adjustments with the new large exemptions. It discusses grantor and non-grantor trust rules, what’s left of 67(e) deductions for trusts, home office deductions, vacation home rental rules, the loss of personal exemptions on matrimonial agreements, the possible interplay of 704(e) family partnership rules and 199A, and much more.
This is a ‘must read’ for estate planners in every discipline. Indeed, it is remarkable that this work was completed a mere three weeks after the President’s signing of the new law!