With the passage of the Tax Cuts and Jobs Act of 2017 (the Act) and the doubling of the gift, estate and generation-skipping transfer (GST) tax exemptions, only the smallest percentage of clients are now subject to the estate tax. However, clients face an unstable planning environment that likely represents the new normal. As we move into the future, income, gift, estate and GST taxes can be expected to seesaw back and forth as the political party in control of our federal government changes.
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