Required

An Obscure Provision in the Tax Cut Bill

One of the consequences of recent tax reform, was that it did not give people very much time to anticipate all of the changes to the tax code before the bill was voted on, passed and signed into law. The massive bill was amended repeatedly in the last few days. As a result, very few people had the opportunity to read and comment on it.

While most of the big ticket items in the bill were known quickly after it passed, there are other smaller provisions experts are still finding in the legislation.

The Wills, Trusts & Estates Prof Blogrecently discussed one such small change in “Obscure Provision of New Tax Act Complicates Testamentary Tax Planning for Nonresidents with U.S. Beneficiaries.”

The exact change in this case is not important for most people. It has to do with how stocks in foreign companies are treated after the death of a non-resident owner.

If that could impact you and your heirs, then you will want to read up on the changes. For everyone else, there is an important lesson in this.

Because the specific details of the tax cut bill are still being discovered, it is important to pay attention and not get too settled in your estate planning until every detail of the act is determined. There might be something left to discover that could have an impact on your plans.

In the end, you will want to make sure any changes you make in your estate plan account for all the changes in the new tax law.

Reference: Wills, Trusts & Estates Prof Blog (Jan. 19, 2018) “Obscure Provision of New Tax Act Complicates Testamentary Tax Planning for Nonresidents with U.S. Beneficiaries.”

Hear From Our Clients
tes-prev
tes-next

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben