Tag: tax laws changes

The New Federal Tax Law Offers Plenty of Reasons to Update Your Estate Plan

“When Congress passed the Tax Cuts and Jobs Act, lawmakers included a huge increase in the federal estate tax exemption., which now stands at $11.2 million through 2025, with adjustments for inflation. You may think because you don’t have that much money, you can put your estate planning on the back burner.

Anne Desormier Cartwright of Elder & Estate Planning Attorneys PA says that could be a mistake:

“”First, it’s always a good idea to review your estate plan, regardless of whether federal or state tax laws change. A marriage, a death in the family, or the birth of a grandchild are just a few other reasons to revamp your plan, not to mention if you’ve changed your mind since you last addressed your estate documents.””

There is no better time to get started than the beginning of a new year to update your plans with a trusted estate planning attorney. It’s critically important to craft legally sound paperwork to ensure your final wishes are followed, and your loved ones are supported through your lifelong work.

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. They are here to help you and your loved ones both now and in the future. Do not wait to contact them with your questions.”

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.