John A. Miller & Jeffrey A. Maine have made available for download their forthcoming article, Wealth Transfer Tax Planning after the Tax Cuts and Jobs Act, to be published in the Brigham Young University Law Review. The Abstract is as follows:
On December 17, 2017, Congress passed the Tax Cuts and Jobs Act (TCJA). Among its many impacts, the TCJA increased the inflation adjusted estate tax basic exclusion amount to $10,000,000 on a temporary basis. This has dramatic implications for many existing and future estate plans, including a major crossover impact on income tax planning. In this article we explain the operation of the federal wealth transfer taxes (the estate tax, the gift tax and the generation skipping transfer tax) in the wake of the TCJA and of the newly issued regulations interpreting the TCJA changes. We also explain the basic tax planning techniques for wealth transmission. The overall design of this article is to bring the reader into the current wealth transfer tax planning picture while providing references to more detailed treatments of particular topics within this broad field.
To download full article, click: Wealth Transfer Tax Planning after the Tax Cuts and Jobs Act by John A. Miller, Jeffrey A. Maine
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.