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Everything Old is New AgainEverything Old is New Again

Drafting tips under the Tax Cuts and Jobs Act.

Elizabeth Garlovsky, Partner

April 23, 2018

20 Min Read
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In the wake of the Tax Cuts and Jobs Act of 2017 (the Act),1 which became effective on Jan. 1, 2018, we find ourselves faced with arguably the most significant changes to the U.S. Tax Code since 1986. As a result, we’re flooded with information as to how to respond and how best to advise our clients going forward. Memories of the Economic Growth and Tax Relief Reconciliation Act from 2001, and of the American Taxpayer Relief Act from 2013 (not to mention the 2010 Tax Act that reinstated the estate tax and introduced for the first time a $5 million basic exclusion amount2 and portability3), come rushing back as well.

Over the past 17 years, several dramatic changes in the transfer tax laws have repeatedly led to urgent action needed to ens...

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About the Author

Elizabeth Garlovsky

Partner, Lesser, Lutrey, Pasquesi & Howe LLP

Elizabeth Garlovsky is a partner at Lesser, Lutrey, Pasquesi & Howe LLP in Lake Forest, Ill.