Legal News by Steven Eisenberg

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Estate Planning Nuggets from the New Tax Act

 

Posted On: December 22nd, 2017

  1. Estate and gift tax exemption. Effective for decedents dying, and gifts made, in 2018, the estate and gift tax exemption has been increased to roughly $11.2 million, per person($22.4 million for married couples).
  2. Health care "individual mandate." deleted in 2019, no penalty for individuals who decline essential health coverage.
  3. Individual AMT still with us and the exemption has been increased to $109,400 for joint filers ($54,700 for married taxpayers filing separately), and $70,300 for unmarried taxpayers and is phased out for taxpayers with alternative minimum taxable income over $1 million for joint filers, and over $500,000 for all others
  4. Divorced or separated in 2018 and beyond, alimony will not be deductible by the paying spouse and will not be taxable to the receiving spouse.
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