A brief overview of the President-elect’s tax plan for individuals

11_15_16-5490220642_ITB_560x292.jpgNow that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals:

Are you coordinating your income tax planning with your estate plan?

10_11_16-486896088_ITB_560x292.jpgUntil recently, estate planning strategies typically focused on minimizing federal gift and estate taxes, such as by giving away assets during life to reduce the taxable estate. Today, however, the focus has moved toward income taxes, making the coordination of income tax planning and estate planning more important.