Immediately after Congress passed sweeping tax reform legislation, reporters turned to McGuireWoods for analysis of how the new law will affect individuals and businesses.
For a Dec. 21 story, Forbes relied on a legal alert written by partner Ron Aucutt and members of the firm’s nationally recognized Private Wealth Services Group — including Kevin Bender, Kate Hennigs and Michael Barker — to help explain how high-net-worth clients can take advantage of a temporary increase in the exclusion amount for estate, gift and generation-skipping taxes. The strategies include:
- making gifts to existing or new irrevocable trusts, including generation-skipping trusts;
- leveraging gifts to support the funding of life insurance or existing sales to trusts; and
- pairing gifts with philanthropy (such as a charitable lead trust).