When it comes time to transfer your wealth, the Internal Revenue Service will have its eye on both you and the recipient. The Tax Cuts and Jobs Act (TCJA), which took effect January 1, 2018, contains sweeping changes to personal and corporate rates, available deductions, and helpful credits. The new tax law also has a significant impact on estate planning and how to limit the tax liability on intergenerational transfers of wealth – like when baby boomers transfer their assets to their gen-X and millennial children.
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