Ada-Icon
Required

The New Estate Tax

One of the bigger issues with the Republican plans to reform federal taxes had to do with the estate tax. Most Republicans would like to see it done away with entirely.

The initial bill passed in the House of Representatives did just that, by phasing the estate tax out over a period of time. However, the Senate version of the bill was more cautious and just changed the exemption limit, while keeping the estate tax in place.

This was necessary because for procedural reasons, tax reform could only increase the federal deficit by a set amount. Repealing the estate tax entirely would have put the Senate over that amount. The two chambers reached a deal on reconciling their tax reform bills.

They agreed to keep the estate tax, as Business Insider reported before the law was passed in an article titled “Republicans have a final deal on their tax bill — here’s what’s in it.”

The final version of the tax bill kept the estate tax, but it nearly doubles the current $5.6 million exemption to $11 million. That means that an even smaller percentage of estates will be subject to the federal estate tax in the future.

Some people will still need to make estate plans that keep the new estate tax in mind. Others whose estates will no longer be subject to the tax, should visit an elder law attorney to make changes to their estate plans, if they want to do so.

Reference: Business Insider (Dec. 14, 2017) “Republicans have a final deal on their tax bill — here’s what’s in it.”

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce