On 22 December 2017, major new US federal tax legislation was enacted into law. The effect of the new law on high net worth individuals and family offices is summarised below. Most of the changes affect taxpayers in the 2018 through 2025 taxable years.
Many planning ideas that worked in the past, may no longer be viable (or may have limited benefit). High net worth individuals and managers of family offices should consider the impact of these changes.
With our Private Clients & Family Office Services Newsletter our global experts provide with an update and overview on current developments in relevant tax and legal environments.