Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC.

M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.

WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov.

Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.

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Investment and Insurance Products • Are NOT Deposits • Are NOT FDIC Insured • Are NOT Insured By Any Federal Government Agency • Have NO Bank Guarantee • May Go Down In Value

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Wealth Planning

What Family Law Practitioners Must Know About the New Tax Laws

Sharon L. Klein
President, Family Wealth, Eastern U.S. Region

December 2, 2019

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This article was published in the November 20, 2019 issue of FamilyLawyerMagazine.com. The 2017 Tax Cuts and Jobs Act created significant ramifications in the divorce context, particularly on the income tax front. This article discusses seven areas impacted by the current tax laws–including taxation of trust income and other important considerations. Issues including taxation of alimony payments, the suspension of the personal exemption and the miscellaneous itemized deduction, as well as possible higher valuations for closely held businesses, are also covered.

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Sharon further shared her insights on this subject in a podcast titled The New Tax Laws for Trust Income Following Divorce.

Please visit our Matrimonial and Divorce Advisory Solutions resource page for more timely divorce planning content.

Please see important disclosures at the end of the article and podcast.

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