Estate Planning after the Tax Cuts and Jobs Act

Opening the Dialogue

Martin M. Shenkman, JD, CPA/PFS, AEP, and Lamarr Butler-Parker, CFP

Many articles have been written about how the changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) will affect estate planning. These changes have consequences extending beyond the mere temporary increase in the exemption amount. While mastering the technical aspects of the TCJA is challenging, communicating to individuals the need to update existing planning, take advantage of the new tax environment, and undertake new planning may be even more difficult. How can CPAs educate clients about the importance of continued planning? While this subject is nontechnical, it is vital to address, or most individuals simply won't plan. This column contains the authors' typical responses to some of the most frequent arguments against updating an estate plan in the wake of the TCJA.