How Will You Be Affected by the

TAX CUTS & JOBS ACT of 2017

During this Seminar, Attorney Krall will explain—in easy to understand terms—the tax law changes that could impact you and your family.  You’ll also hear about planning opportunities that could save income taxes and estate taxes!

Here are just some of the questions that will be answered during the Seminar:

Estate Taxes and Trusts

  • The estate tax exemption is (temporarily) doubled.  How will you and your heirs be impacted now and after the new estate tax provisions sunset in 2025?

  • Should you modify your existing estate plan based on the new tax law?

  • If you are the beneficiary of a trust created by a spouse or parent, what opportunities do you have under the new tax law to increase the value of that trust for your heirs?

 

Individual Income Taxes

  • Has your marginal income tax bracket increased or decreased? If so, how much?

  • How has the new tax law affected taxation of your IRA accounts?

Itemized Deductions, the Standard Deduction & Personal Exemptions

  • What itemized deductions have been eliminated or restricted?

  • Will you be able to deduct NC taxes and property taxes in 2018?

  • What about the mortgage interest deduction and the home equity interest deduction?

  • All personal and dependent exemptions have been eliminated.  Will the doubling of the Standard Deduction fully offset the loss of those exemptions?

 

Child and “Qualifying Dependent” Credits

  • Will the change in the Child Tax Credit benefit you or your family?

  • Could you qualify for a tax credit for supporting a parent or other family member?

 

Section 529 Plans and ABLE Accounts

  • Are you or your children contributing to a 529 Plan or an ABLE account?  What new opportunities are created under the new tax law?

This website and all materials appearing herein are presented solely for educational purposes and cannot be relied upon by anyone for elder law, estate planning, tax or any other purpose.  You must seek advice from competent legal, financial and tax advisors before attempting any form of elder law planning or any other form of estate planning.  Nothing presented on this website implies or creates an attorney-client relationship between a site visitor and the author, Jay H. Krall.  Attorney Krall is licensed by the North Carolina State Bar and not in any other state.  Links to other internet sites are not endorsements of any products or services described at those sites.   

Circular 230 Disclosure: Pursuant to U.S. Treasury Department Regulations, we are required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

© 2020 Jay H. Krall,  Attorney at Law

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