Understand the ins and outs of estate planning under the TCJA

Description

Abstract: Although the recent Tax Cuts and Jobs Act doesn’t get rid of the federal estate tax, it does contain several provisions that may significantly affect gift and estate tax planning. So individuals need to be proactive — and plan accordingly. This article discusses exemption changes and suggests several moves that may be helpful for estate planners. The article also explains the expansion of 529 plan tax benefits, which families can use to grow money tax-free for their children’s higher education, and notes some “kiddie tax” rate changes.