Save income taxes by including nongrantor trusts in your estate plan

Description

Abstract: Estate planning strategies vary as new rules change the playing field. Now that fewer taxpayers are likely to be subject to federal gift and estate tax, many families are focusing more on income tax strategies in their estate plans. This article discusses one such strategy — including one or more nongrantor trusts to help reduce any negative tax impact of the Tax Cuts and Jobs Act’s (TCJA’s) itemized deduction limitations. The article uses a hypothetical example to show how using a nongrantor trust has the potential to help increase deductions.