On Dec. 22, 2017, the Tax Cuts and Jobs Act (the Act) was signed into law. It is the most sweeping federal tax legislation in decades and significantly changes the landscape of individual, corporate, partnership, international, and trust and estate taxation. In general, the changes made by the Act take effect as of Jan. 1, 2018, with most of the provisions affecting individual taxpayers being scheduled to sunset at the end of 2025. The implications of the Act are far-reaching. Residents of states that impose a state income tax and/or a state estate tax will face greater planning challenges in order to mitigate their tax burden.

As with all significant tax law changes, it will be important for clients to review the effects of the Act on their personal planning with their advisors. The changes bring significant opportunities to engage in beneficial estate planning. Many of those opportunities are scheduled to expire at the end 2025, and could expire sooner by future legislative action.

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Photo of Norman J. Benford Norman J. Benford

Norman J. Benford is National Chair Emeritus of the Private Wealth Services Practice and counsels high-net-worth individuals and families in connection with estate planning and other complex tax issues, as well as business succession and other non-tax family matters. Norm also counsels individuals…

Norman J. Benford is National Chair Emeritus of the Private Wealth Services Practice and counsels high-net-worth individuals and families in connection with estate planning and other complex tax issues, as well as business succession and other non-tax family matters. Norm also counsels individuals and institutions serving as fiduciaries of estates, trusts and guardianships in connection with administrative matters and disputes with the Internal Revenue Service.

Photo of Linda B. Hirschson Linda B. Hirschson

Linda B. Hirschson Chairs the New York Estate Planning Group and focuses her practice on virtually all aspects of estate planning and administration and is a past member of the Board of Regents of the American College of Trusts and Estates Counsel (ACTEC).

Linda B. Hirschson Chairs the New York Estate Planning Group and focuses her practice on virtually all aspects of estate planning and administration and is a past member of the Board of Regents of the American College of Trusts and Estates Counsel (ACTEC). Linda develops estate plans for high net worth individuals, enabling them to dispose of their assets during life and at death in a manner that meets their personal goals and as tax efficient as possible. In the course of doing so, she helps form and administer private foundations and charitable trusts. Linda also is experienced in probate litigation and has authored numerous articles and lectured frequently on estate planning, income taxation and a range of other related topics.

Photo of Diana Zeydel Diana Zeydel

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and…

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and non-United States citizens and residents. Diana also assists clients with litigated probate, trust, and guardianship matters, and represents clients before the Internal Revenue Service in matters involving fiduciary income tax and estate, gift, and generation-skipping transfer tax controversies. She represents corporate and individual fiduciaries in connection with the administration of estates and personal and charitable trusts. Diana also assists clients in preparing prenuptial and postnuptial agreements. She has participated in numerous projects involving governmental submissions in the estate, gift, and GST tax areas and serves as an expert witness in cases involving her practice areas.

Diana is a frequent lecturer and author and has spoken on a variety of topics before the American College of Trust and Estate Counsel, the Real Property, Trust and Estate Section of the American Bar Association, the Real Property, Probate and Trust Law Section of the Florida Bar, as well as various other professional organizations. She received the “Best in Wealth Management” Americas Women in Business Law Award given by IFLR/Euromoney in 2014 and 2019. She has been recognized by her peers as “a key figure in shaping the whole wealth management legal profession” and “an incredibly intelligent and creative practitioner, particularly on the tax and business restructuring side.” Chambers USA Guide.

Prior to attending college and law school, Diana was a professional ballet dancer. She received her training on a full scholarship at the Joffrey Ballet School in New York, and was awarded an apprenticeship with the Company. She instead accepted an offer to join the Chicago Ballet, where she was quickly given the opportunity to perform soloist and principal roles.