Ease new itemized deduction limitations using a nongrantor trust
$225.00
Description
Abstract: Record-high exemption amounts mean that fewer families are affected by gift, estate and generation-skipping transfer (GST) taxes. As a result, the estate planning focus for many people has shifted from transfer taxes to income taxes. One tool that can be effective in reducing income taxes is a nongrantor trust, which offers a way around the new itemized deduction limitations imposed by the Tax Cuts and Jobs Act (TCJA). This article explains the role nongrantor trusts play in easing the itemized deduction limitations.
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