Tag: tax laws changes

Changes to taxes you need to know

Changing tax laws mean individuals and families need to keep a close eye on their estate planning techniques. “Tax planning that made sense when the federal exemption “sat at $675,000 per person a decade and a half ago, “doesn’t necessarily make sense today,” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. Today’s federal basic exemption from gift and estate tax has increased to almost $5.5 million, and it’s scheduled to go up another $110 thousand in 2018. That means the rate for couples will be $11.2 million in 2018. Some types of trusts might no longer be beneficial from a tax-planning standpoint. A qualified financial advisor and estate planner will be able to guide you through the process of what will work best for you and your goals. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.