The Tax Cuts and Jobs Act of 2017 brought about some of the most significant changes in the U.S. tax code in decades. Many of the key provisions in the act were passed with sunset clauses, meaning they are set to expire at the end of 2025.

While that may seem a long way off – it’s not. What is the impact if marginal and effective tax rates revert to pre-2017 levels and other credits expire, as the law currently stands? Rochester Business Journal reporter Caurie Putnam recently spoke to Partner Myles Fischer of our Wills, Trusts and Estates group, along with regional financial advisors and accountants, to explore how households should begin to prepare.

Myles told Caurie the impending changes present “an enormous planning opportunity” for adjusting now in the event Congress does not make further changes to extend the tax provisions. For example, one provision due to expire would cut the federal lifetime gift and estate exclusion in half. As a result, Myles is suggesting that clients “utilize as much of the increased exclusion as possible before it goes away.”

Click to view the article, “Sunset of Tax Cuts and Jobs Act means a rise in income & other taxes,” in the Rochester Business Journal. A login may be required.