The sky is falling!
Many observers harbor the belief that the Tax Cuts and Jobs Act will toll the death knell for estate planning as we know it. It’s easy to see where they’re coming from, since the tax act effectively eliminates the estate tax, largely eliminating the need for many Americans to plan for it.
However, is that really such a sweeping change? With years of rising exemptions already behind them, many estate planners have already shifted their practices away from relying on estate tax planning (if they ever did so in the first place).
In this episode, Craig Hersch and Patrick Carlson weigh in on the likely effects of the new tax law on estate planners’ practices.