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While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes). The 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and position yourself for the year to come. The guide provides 2017 tax rates, limits, and exclusions as well as strategies for retirement and estate planning to help you achieve your short- and long-term goals.

On November 9, the Senate released its description of The Tax Cuts and Jobs Act. Like the House version that was released earlier, this bill proposes sweeping changes to the Internal Revenue Code that would dramatically impact individuals and corporations. The proponents of this bill indicate that it simplifies the tax code, cuts taxes for the "middle class," and brings our corporate tax structure in line with the rest of the modern world, thereby eliminating the incentive to keep company profits overseas.

When you hear the phrase “estate planning,” the first thought that comes to mind may be taxes. But estate planning is about more than just reducing taxes.

The release of tax reform legislation by Finance Committee Chairman Hatch marks the next significant step in the legislative effort to overhaul the US tax system. There are political hurdles to overcome for Congress to enact sustainable reform of US tax law providing a more competitive tax system for business taxpayers and improved economic opportunities for individuals and families.

The tax changes proposed by the “Unified Framework” for Tax Reform released on September 27, 2017 by the Trump Administration and Republican Congressional Leadership potentially affect the choice of entity in family business and investment structures. Under the current tax regime, passthrough entities (for example, LLCs or LPs taxed as partnerships), rather than “C” corporations, tend to be the preferred entity for families, especially for ownership of investment assets.

You’ve built a valuable and successful business through hard work, long hours and countless decisions. You want to plan for transitioning the company, and the wealth you’ve created to future generations, but you aren’t ready to cede control. As the company grows in value, the issue becomes acute. What do you do? You’re not alone.

Many powerful trends are taking place in 2017. While much is still unknown in regard to what actions the new Trump administration and GOP-led congress will take towards the estate tax, planners have many opportunities to provide clients structures for both the short and long term. Additionally, planners will need to continue to factor in the recent development by the Federal Reserve to raise interest rates. Lastly, international families continue to establish trusts in the United States at a record pace, both with and without family members and/or assets in the United States.

The White House joined Congressional Republican leaders in announcing a new framework for tax reform, which they hope to enact before the end of 2017.

Trusts have grown enormously in popularity since the mid-1990s as a result of the development of modern trust laws, the dramatic increase in wealth and evolving family needs and goals.