On Wednesday, December 20, 2017, both chambers of Congress passed the new tax reform bill, labeled by many as the “greatest” overhaul of the tax code in modern U.S. history. Depending on which news station you watch probably depends on your immediate reaction to the changes that come along with the tax reform efforts passed by Congress. So, what does the new tax reform really mean? Whether you agree with the new legislation or not we must be prepared to do what we always do; protect the interest of our clients who entrust us with their retirement, family, and legacy.
There is no question that the tax reform legislation will have significant, positive and negative, impact on individuals and businesses at all income levels for the foreseeable future. As with any legislation, it will take time before we fully understand the complete impact of this reform and analyze and quantify the impact on any single individual or entity. Over the upcoming weeks we encourage advisors to proactively speak with their clients about the tax reform, review the material changes with them, and work with them to outline and help them understand the impact this reform will have on them individually. For more information or specific questions regarding this overview on the new tax reform contact your local AIMCOR Group BGA. Our advanced planning teams are ready to assist.
Read our Tax Reform overview here and learn what advisors need to be prepared to address with their clients.