by Michael P. Witzke,  Attorney At Law, McDonald Hopkins

The new law takes effect for tax years beginning after 2017 and most provisions dealing with individual tax reform and transfer taxes are effective for taxable years 2018 – 2025. The Basic Exclusion Amount doubled from 5 million to 10 million (indexed for inflation). The estimated amount for 2018 is around $11.18 million, and the law doubles GST exemption. Expanded application of 529 accounts now includes tuition at public, private or religious elementary or secondary schools, but is limited to $10,000 per student per taxable year.

For more information on how the new tax law impacts other areas of Estate Planning, please contact Michael Witzke at 248-593-2948 or mwitzke@mcdonaldhopkins.com.