Will they or won’t they? Although this question is typically posed about the relationship status of TV couples, it comes to mind when thinking about whether Congress will ultimately pass a tax reform bill in the near future. The House passed the “Tax Cut and Jobs Act” on Nov. 16. The Senate passed its own version of the bill on Dec. 2, but reconciliation, passage and signing into law aren’t assured. Maybe by the time you read this, we’ll have an answer. The phrase, “As of this writing…” comes up a lot in this issue. Authors email us last-minute changes to their articles to reflect the latest news. It can make an editor’s job very stressful!
But, we also have some articles that should stand the test of time and be relevant no matter what happens in Congress. Sharon L. Klein’s “State of the States: 2017” (p. 62) updates us on the latest state-level activity (although, as Sharon points out, what happens at the federal level will be key in determining the trickle-down effect for those states that tie their exemption amounts to the federal exemption). And, we enter what some may consider science fiction territory with “Estate Planning Beyond the Grave…And Back,” by Mark E. House (p. 56) about estate planning for clients who are considering cryopreservation. Additionally, as always, our January issue includes our special Tax Year in Review insert, by David. A. Handler and his colleagues.
Finally, we welcome James I. Dougherty of Withers Bergman in Greenwich and New Haven, Conn. to our editorial advisory board on the Estate Planning & Taxation committee. Jim writes frequently for Trusts & Estates, as well as for our Estate Planner e-newsletter. He most recently wrote on the U.S. Tax Court decision in Estate of Powell in our September 2017 T&E issue.