Holistic financial planning involves assessing all possibilities, including estate and income tax changes. With the upcoming sunset of the Tax Cuts and Jobs Act, what should you proactively plan for by December 31, 2025?
In the latest episode of our “ConsiderIt Wealth” podcast, Founding Partner, CEO, and Head of Wealth Planning Rick Simonetti breaks down some of the sunset’s most impactful income tax changes to close out our two-part series covering the legislation.
Partner and Wealth Strategist Chris Tate, J.D. moderates the conversation, which weighs the "positive" and "negative" changes returning in 2026. Listen along for details about how you could be affected and how to proactively plan--not fail to assess.
What is the Tax Cuts and Jobs Act?
The Tax Cuts and Jobs Act (TCJA), enacted in 2017 and effective January 1, 2018, has been a conversation topic with our clients for some time, though the legislation is trending again due to the upcoming election cycle and looming “sunset” date.
The sunset date—December 31, 2025—marks when many changes introduced in the law revert to provisions that were in effect before the legislation was passed in 2017. This includes significant changes to gift, estate, and generation-skipping transfer (GST) tax provisions of the tax code and to various income tax provisions of the tax code.
