The changes being discussed in Congress encompass a wide array of tax laws including but not limited to income tax, social security tax, estate tax, and gift tax. Those affected most by the Bill will have one or more of the following conditions apply:
- A gross income of $400,000 or more.
- Itemized deductions on your federal tax return.
- Have IRAs or a workplace retirement plan.
- Make annual gifts.
- Receive annual gifts.
- Have an estate valued at $3.5m or greater.
- Are slated to inherit assets
- Have current or planned grantor trusts.
If any of the conditions above apply to you or your family reviewing what is under consideration could be beneficial.