Many Momentous Mileposts for Estate Planners in 2017Many Momentous Mileposts for Estate Planners in 2017

The year 2017 gave trusts and estates professionals more than their fair share of developments generating, alternatively, joy and despair. Summaries of some notable items follow.

Tax Cuts and Jobs Act

On Nov. 16, 2017, the House of Representatives passed the Tax Cuts and Jobs Act (the Act) by the rather slim margin of 227-205. As of this writing, it’s the latest of various bills introduced in 2017 that would implement repeal of the estate tax and generation-skipping transfer (GST) tax. The Act would take effect Jan. 1, 2018. The repeal would occur on Jan. 1, 2024. In the meantime, the $5 million estate and gift tax basic exclusion amount and GST exemption that were made “permanent” in the 2010 Tax Act would double and be indexed, annually,...