Tax Cuts and Jobs Act Estate Planning Alert from Ruberto, Israel & Weiner

From: Richard Kahn Sent: 1/3/2018 11:00:51 PM To: jeffrey E. [[email protected]] Subject: Fwd: Ruberto, Israel & Weiner Trusts & Estates Alert: Estate Planning After the Enactment of the Tax Cuts and Jobs Act Importance: High Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: "Ruberto Israel & Weiner" <[email protected]> Subject: Ruberto, Israel & Weiner Trusts & Estates Alert: Estate Planning After the Enactment of the Tax Cuts and Jobs Act Date: January 3, 2018 at 4:02:49 PM EST To: Reply-To: infoRriw.com January 2018 HOUSE OVERSIGHT 029433Estate Planning After the Enactment of the Tax Cuts and Jobs Act On December 22, 2017, President Trump signed the "Tax Cuts and Jobs Act" into law. The new legislation represents a compromise between House and Senate Republicans on their respective tax overhaul proposals, and is the most significant tax reform legislation to be enacted in over thirty years. Although the inherent complexities of the new legislation, combined with the whirlwind pace of its passage, poses many questions for analysts and tax practitioners alike as they begin to navigate the new tax system, we do have an understanding of what the new law will mean for high net worth individuals interested in advancing their estate planning goals. Most of the provisions of the Tax Cuts and Jobs Act (the "Act") became effective on January 1st, and will sunset (or default to prior law) after December 31, 2025, absent further congressional action. In addition to extensive income tax related changes, including modifications to the individual and corporate income tax rates, doubling of the standard income tax deduction, capping of the state and local tax deduction, elimination of the personal income tax exemption, increase in the exemption for the alternative minimum tax, and decrease in the mortgage interest deduction, the Act temporarily doubles the federal estate, generation-skipping transfer ("GST") and gift tax exemption amounts, thereby offering high net worth families enhanced planning opportunities. Full Alert = Deborah Pechet Quinan Chair, Trusts & Estates Group [email protected] Bill Friedler [email protected] This article was co-authored by Deborah Pechet Quinan and Deborah Qualia Howe. Deborah Pechet Quinan is the Chair of RIW's Trusts & Estates Group. Deborah can be reached at [email protected] or 617-742-4200. HOUSE OVERSIGHT 029434For a full description of our Trusts & Estates Group and a list of all of our practice areas, visit www.riw.com or contact any attorney in our T&E Group. Deborah Pechet Quinan, Chair, Trusts & Estates Group, Shareholder [email protected] Bill Friedler, Shareholder [email protected] Catherine Barton Rossetti, Associate [email protected] Deborah Qualia Howe, Of Counsel [email protected] Jayne Mahoney, Paralegal [email protected] Michele Orchanian, Paralegal [email protected] Stay Connected Corporate & Business I Banking, Finance & Lending Bankruptcy Law I Litigation I Construction Law I Securities Law Technology I Employment Law I Emerging Companies Commercial Real Estate I Intellectual Property Hospitality and Retail Services I Trusts & Estates 255 State Street, 7th Floor I Boston, MA 02109 T: 617.742.4200 I F: 617.742.2355 I HOUSE OVERSIGHT 029435This summary is presented for informational and educational purposes only, does not constitute legal advice, and cannot be used for the purpose of avoiding tax penalties. Use of this summary does not create an attorney-client relationship and is not a substitute for legal counsel. ©2018 Ruberto, Israel & Weiner, P.C. Share this email: Manage your preferences I Opt out using TrueRemoveTIVI Got this as a forward? Sign up to receive our future emails. View this email online. 255 State Street Boston, MA I 02109 US This email was sent to To continue receiving our_______________________emails, add us to your address book. HOUSE OVERSIGHT 029436