by Kenneth Ziskin, The Apartment Owners’ Estate Planning Attorney SM
Tax reform finally became law late in December, 2017, even though passage required it to give up its common name, the Tax Cut and Jobs Act (“TCJA”).
For most of you, the TCJA will give with one hand, and take away with the other. For some, the act will be a lump of coal, and taxes will, unfortunately, go up. For others, the act will be a real Christmas present that brings real tax savings. You probably cannot just intuitively figure out whether you got a real present or a lump of coal until you model your situation, and possible planning opportunities.
Many of the law’s provisions were not finalized, or even discussed, in committee, and we will not understand the full impact for months, or maybe even years. But, while all tax professionals (including me) are trying to get a handle around the impacts of the TCJA, I want to try to give you an idea of some of the major impacts and a few planning implications.