Legal Update

Legal Update

Legal Update

This past Friday the President signed into effect a new tax law which will impact most if not all Americans.  While the effective date of most of the provisions of the new law is not until January 1, 2018, certain changes made by the new tax law should be addressed immediately in order to take advantage of the law before it changes.

This alert summarizes the most significant changes and provides specific recommendations for action you may want to consider in light of these changes.

Although year-end tax planning always presents challenges, recent tax reform proposals have created a unique set of challenges for taxpayers.  Despite the current uncertainty concerning tax reform, it is important to remember that the proposals are just that: proposals.  This memo highlights several potential income and estate tax-saving opportunities to consider based on current tax law, as well as strategies to receive the maximum benefit under current law and/or protection from any possible future changes.  As with planning opportunities it is important to first do the math to see if any potential opportunity will result in actual savings.  The Tax, Trusts and Estates practice at Gallet Dreyer & Berkey, LLP stands ready to assist you in making these determinations.

Legal Update

Legal Update