With the passage of the Tax Cuts and Jobs Act, there has been increased activity with regard to trusts. Part of this increase can be attributed to the evolving science of using trusts for income tax purposes, particularly in the area of stepping up the basis of assets at death. Coincidentally, there have been a number of interesting developments with regard to the law and taxation of trusts.
Author: Thomas F. Commito, JD, LLM, CLU, ChFC, AEP, is director—sales concepts in Lincoln Financial Distributors’ Advanced Sales Group and is an associate editor of the Journal. He has 40 years’ experience in advanced sales, life insurance products, and life insurance marketing. Tom is an author of two books and numerous articles on tax and financial planning.