The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law today, December 22, 2017. The Act will significantly impact the income, gift, estate, and generation skipping transfer taxes. It creates both traps for the unwary and potential opportunities for the informed. Below is a summary of the provisions of the Act most directly affecting individuals and families. Unless otherwise noted, the following provisions take effect as of January 1, 2018 and terminate on January 1, 2026.
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