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Alimony, Prenuptial Agreements, and Trusts Under the 2017 Tax Act

As with many large tax overhauls, sometimes lesser publicized changes also have a significant impact on taxpayers. With the 2017 tax act, some of these lesser publicized changes involve the income tax impact of divorce, and, even though the changes do not take effect until 2019, the effects can be far reaching.

The main analysis in this special report is divided into two parts — the first part focuses on the elimination of alimony as an item of gross income to the recipient spouse (the “recipient”) and the corresponding deduction for the payor spouse (the “payor”), and the second part focuses on situations where clients have an irrevocable trust and a divorce causes a shift in the taxability of certain trust income.

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