President Donald J. Trump signs the Tax Cut and Reform Bill in the Oval Office at The White House in Washington, DC on December 22, 2017. Brendan Smialowski | AFP via Getty ImagesLast-minute tax strategiesWithout action from Congress, trillions of tax breaks enacted via the TCJA will expire after 2025, including lower tax brackets, bigger standard deductions, a more generous child tax credit and a higher estate and gift tax exemption, among other provisions. 'Be ready and positioned' for changesWith several pending tax law provisions, many advisors urge clients to avoid irreversible tax plan changes until final legislation is signed into law. My preference is always to go with what we know will be true versus what could be true in the future. While extending the higher estate tax exemption could be more likely under a Republican-controlled Congress, there were several 11th-hour changes back in 2017.

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Persons: Donald J, Brendan Smialowski, Duncan Campbell, Baker, Ryan Losi, Losi Organizations: Trump, White, AFP, Getty, Republicans, Piascik, Republican Locations: Washington , DC, California , New Jersey, New York