Bypass Trust Planning in a High Exemption Environment

Posted by Bill Mureiko and Sarah Woodberry             After President Trump signed the Tax Cuts and Jobs Act tax reform bill (the “Tax Bill”) into law at the end of 2017, many clients may have been lulled into thinking that no update to their existing estate plan is required, given the increased estate and gift tax exemption amount.  In fact, the Tax Bill introduces uncertainty that should be considered by virtually all those who have existing estate plans.  We have prepared a client alert that is relevant for clients with sizeable estates, but generally not estates in excess of $22 million for married couples.  If you have any questions, please contact the T&K tax attorney with whom you regularly work or any of the T&K tax attorneys listed in the client alert.