John Jennings, President and Chief Strategist of The St. Louis Trust Company, presented at the Institute for Private Investors Fall Forum in Dallas on November 8, 2018. John spoke about estate and income tax planning after the Tax Cuts and Jobs Act. Main takeaways from John’s presentation included:
1. The new tax law might generate more income tax liability for wealthy families who live in high-tax states given the $10,000 cap on deducting state taxes and the elimination of deductibility of miscellaneous itemized deductions such as investment manager fees.
2. It is imperative to take into account the potential step-up basis at death when engaging in planning. The new, expanded estate tax exemption amounts should not be gifted away without analyzing the effects of losing step-up on those assets and their appreciation.
More on this topic can be found in this article published on our website: Estate and Income Tax Planning After the Tax Cuts and Jobs Act
The Institute for Private Investors (“IPI”) is a private membership organization offering non-commercial investor education, in-person networking and an online community to over 1000 ultra-high-net-worth investors from over 30 countries and 41 U.S states.
Families of substantial wealth rely on IPI to provide a safe harbor where they can learn from each other and leading experts, while fostering lifelong relationships with like-minded peers.