Tax Changes in California
2019 brings new changes to the Tax Laws. As a result of the President signing H.R. 1 ̶̶̶ 115th Congress Bill on December 19, 2017, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Bill”), your current trust may be affected. This new Tax Bill has raised the exemption limit from $5.5 million to $10 million.
What Does the New Tax Bill Mean for You?
The Tax Bill affects those that have an A/B Trust currently. If your estate is worth less than $6.5 million, you are no longer required to split an A/B Trust for tax protection, and therefore should schedule an appointment with my office to adopt a simpler trust that will be simpler for your surviving spouse.
If you have any questions regarding your current A/B Trust and to discuss your specific needs more thoroughly, please contact Kelsall Legal Solutions PC at (760) 722-4221 and schedule a free 30-minute consultation. During your free 30-minute consultation, we will clarify your current trust is adequate and if there are any changes that should be made to plan for your future estate needs and tax protection.
There may be other changes that have resulted from this tax bill that may need to be discussed with your financial planner or tax advisor. If you do not have a financial planner or tax advisor, I can refer one to you. We look forward to hearing from you soon.
Contact our Oceanside, Carlsbad, Laguna Hills and Temecula Attorneys to Discuss Tax Changes
Call Kelsall Legal Solutions PC at (760) 722-4221 to discuss the ways the new Tax Bill may affect you, your family, and your business. Oceanside, Carlsbad, Laguna Hills and Temecula Attorney Samuel Kelsall V has nearly 30 years’ experience in handling trust and estate matters. We can create customized solutions to preserve and protect your assets in such a way as to provide your loved ones and yourself with income and security for the future.
You may also contact us online through our Oceanside, Carlsbad, Laguna Hills and Temecula Attorney Case Evaluation Form. We will contact you soon.