2017 Tax Laws. As a result of the President signing H.R. 1-115th Congress Bill on December 19, 2017, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Bill”), your current trust may be affected. This new Tax Bill has raised the exemption limit from $5.5 million to $10 million.
What Does the New Tax Bill Mean for You?
In 2017, tax laws were changed to limit death taxes. The Biden Administration has promised to raise taxes. One of the taxes that is expected to increase is the death tax. Also, the Step up in Basis at the Time of Death Tax Advantage my be changed so that your heirs would be required to pay your Capital Gains Tax when you die. That change would be a historic increase in taxes on the middle class and a shift in the under pinning’s of the American Society. Please expect to receive updates from this firm regarding this quickly evolving topic.
If you have any questions regarding your current Trust and to discuss your specific needs more thoroughly, please contact Kelsall Legal Solutions PC at (760) 434-2100 and schedule a free 30-minute consultation. During your free 30-minute consultation, we will clarify your current trust is adequate and if there are any changes that should be made to plan for your future estate needs and tax protection.
There may be other changes that have resulted from this tax bill that my need to be discussed with your financial planner or tax advisor. If you do not have a financial planner or tax advisor, I can refer one to you. We look forward to hearing from you soon.