One of the consequences of recent tax reform, was that it did not give people, in Cincinnati or elsewhere, 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 Blog recently 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.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
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."