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Some Notable Tax Law Changes for 2018
Happy New Year! I imagine that most folks are still basking in the afterglow of the holiday season, but I know there are many of us thinking ahead towards the next major holiday of the year – which is Tax Day, 2018, right?
The recent sweeping tax reform law known as the “Tax Cuts and Jobs Act of 2017” brought about some changes that may affect your tax planning for the next several years. A few of the most relevant include an increase of the annual gift tax exclusion to $15,000, important changes to ABLE accounts and 529 Plans, and an increase in the lifetime gift and estate tax exclusion to approximately $11.2 million for an individual in 2018 and double that for a married couple.
If you have questions about how these changes may affect you personally, give us a call at 810 229-0220.
This winter, the Nawrocki Center is offering classes on important Elder Law topics through Hartland Community Education and Brighton Community Education. Sign up to learn more about Elder Law issues that affect you! For more information click on the link below.
While most of the new tax law has to do with reducing the corporate tax rate from 35 percent to 21 percent, some provisions relate to individual taxpayers, including changes to the estate tax and 529 accounts.
Medicaid has strict asset rules that compel many applicants to "spend down" their assets before they can qualify for coverage. It is important to know what you can spend your money on without endangering Medicaid eligibility.
The legal wing of the AARP is suing a California nursing home that refused to readmit a resident whom the nursing home had sent to the hospital. The nursing home's actions are part of growing trend of resident dumping, according to the AARP.