The Tax Cuts and Jobs Act reduced income tax rate for C corporations from 35 percent to 21 percent in 2018. No sooner was the ink dry on the new law before owners of pass-through entities began to work with their advisors to determine if it made sense to convert their entities to C corporations.
Until recently, many families filled key governance roles associated with their trust and estate planning with trusted friends, colleagues, or advisors who were flattered to be asked and honored to serve.
The role of the trustees has evolved rapidly, and there has been a transition in the investment standards guiding trustees from being a “prudent man” using legal lists to being a “prudent investor” employing modern portfolio theory.
