In the January 5 issue of the Upstate Business Journal, Nachman Norwood & Parrott Wealth Management Consultancy’s (NNP) Vice President Wes Boyce discusses the recently signed tax bill in a bylined column. The bill, commonly referred to as the Tax Cuts and Jobs Act, is the most substantial change of the federal tax code in more than three decades. This change affects corporate America to high-net-worth individuals to the middle class and beyond, and Wes explores just a few of the bill’s implications.
One of the most notable changes that might affect high-net-worth individuals is that while the number of individual tax brackets remains at seven, the number of estate and trust brackets decreased from five to four, each with slightly lower rates.
Wes notes that the bottom line is to work quickly to understand what impact this bill will have on your taxes. A financial advisor can (and should) help support your tax advisor about steps you might want to consider moving forward.
Read the full article on the Upstate Business Journal’s website. If you’d like to schedule an appointment with a financial advisor, call us at (864) 467-9800.