In the News

Forbes Cites McGuireWoods on Key Estate, Gift Tax Changes

December 27, 2017

Immediately after Congress passed sweeping tax reform legislation, reporters turned to McGuireWoods for analysis of how the new law will affect individuals and businesses.

For a Dec. 21 story, Forbes relied on a legal alert written by partner Ron Aucutt and members of the firm’s nationally recognized Private Wealth Services Group — including Kevin Bender, Kate Hennigs and Michael Barker — to help explain how high-net-worth clients can take advantage of a temporary increase in the exclusion amount for estate, gift and generation-skipping taxes. The strategies include:

  • making gifts to existing or new irrevocable trusts, including generation-skipping trusts;
  • leveraging gifts to support the funding of life insurance or existing sales to trusts; and
  • pairing gifts with philanthropy (such as a charitable lead trust).