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How Tax Reform Affects Family Business OwnersHow Tax Reform Affects Family Business Owners

Key considerations to discuss with your clients.

15 Min Read
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Private business owners typically have a lot on their plate. Now, with the new Tax Cuts and Jobs Act1 (the Act), there’s even more. As if building, running and planning for a business weren’t enough, the Act has added several new and complicated tax wrinkles to the discussions advisors should be having with their business owner clients.  

Here’s an overview of the main provisions of the Act relevant to private business owners. We’ll also go through the central discussions advisors should be having with their business owner clients, flagging the key considerations now in play under the Act and how they can be used to address the issues all private business owners face.   

The Act

The Act, which became law on Dec. 22, 2017, and is effective f...

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About the Authors

Paulina Mejia

Regional Managing Director, Fiduciary Trust Company International

Paulina Mejia is regional managing director, head of the New York office and trust counsel of Fiduciary Trust Company International.  

Bryan D. Kirk

Managing Director and Trust Counsel, Fiduciary Trust Company International

Bryan D. Kirk, Managing Director and Trust Counsel, is a senior trusts and estates advisor for Fiduciary Trust Company International, where he provides guidance on all aspects of estate planning and trust and estate administration. Mr. Kirk has broad experience in multi-generational asset management and transfer planning, including estate, gift, generation-skipping transfer and income tax planning, charitable giving, philanthropy, real property matters and complex assets, such as private equity and debt. He also serves as Chief Fiduciary Officer of Fiduciary Trust Company International of California. Before joining Fiduciary Trust Company International, he was a partner with Botto Law Group LLP in San Francisco. Mr. Kirk earned his law degree from University of California, Berkeley, and graduated cum laude from Claremont McKenna College with a Bachelor of Arts degree in literature and government.

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