Alert - Business Succession Planning Opportunities Under the New Tax Act

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Late last year, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”), effective in 2018 for tax purposes.[i] The Act provided certain substantial changes to the tax code that include provisions that may be of interest to family owned businesses and professionals. This article will address the changes to the estate tax system, the new deduction for qualified business income of pass-through entities and how planning for one or both may be beneficial for succession planning needs. Applicable provisions of the Act One of the main changes the Act made was effectively doubling the unified federal estate and gift exemption (the “Exemption”). Under the old law, an individual’s Exemption was set at a base of $5 million indexed to inflation.[ii] As of 2017, the...
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