{"id":3134,"date":"2018-01-25T10:05:37","date_gmt":"2018-01-25T15:05:37","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=3134"},"modified":"2019-12-23T17:58:04","modified_gmt":"2019-12-23T22:58:04","slug":"2017-tax-cuts-jobs-act","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html","title":{"rendered":"2017 Tax Cuts and Jobs Act"},"content":{"rendered":"<p>President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code, covering a broad range of income, corporate, and estate taxes. Most of the changes to the Code are effective as of January 1, 2018. Because of Senate rules requiring limits on legislation that increases the federal deficit, many provisions of the Act, including the estate, gift, and generation-skipping transfer (GST) tax provisions, will expire after December 31, 2025.<\/p>\n<p>From an estate-planning perspective, some key takeaways are:<\/p>\n<ul>\n<li>The federal estate, gift, and GST taxes have not been eliminated, as some had hoped. Instead, the exemptions have increased making it less likely that such taxes will be imposed on all but the wealthiest individuals. The base federal estate and gift tax exemption has been doubled to $10 million, indexed for inflation, for tax years 2018 through 2025. The effect is that a single person may now transfer, during life or at death, a total of approximately $11.2 million (the inflation-adjusted figure), or $22.4 million for a married couple. The GST tax exemption has also increased to a like amount.<\/li>\n<\/ul>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html\"  title=\"Continue Reading 2017 Tax Cuts and Jobs Act\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code, covering a broad range of income, corporate, and estate taxes. Most of the changes to the Code are effective as of January 1, 2018. Because of Senate rules requiring limits [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[293,65,343],"tags":[],"coauthors":[295],"class_list":["post-3134","post","type-post","status-publish","format-standard","hentry","category-robbins","category-insights","category-wills-trusts-estates-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2017 Tax Cuts and Jobs Act &#8212; January 25, 2018 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2017 Tax Cuts and Jobs Act &#8212; January 25, 2018 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"og:description\" content=\"President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html\" \/>\n<meta property=\"og:site_name\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-25T15:05:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-23T22:58:04+00:00\" \/>\n<meta name=\"author\" content=\"Anne Marie Robbins\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Marie Robbins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"2017 Tax Cuts and Jobs Act &#8212; January 25, 2018 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","description":"President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html","og_locale":"en_US","og_type":"article","og_title":"2017 Tax Cuts and Jobs Act &#8212; January 25, 2018 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","og_description":"President Trump signed the Tax Cuts and Jobs Act (the \u201cAct\u201d) on December 22, 2017. The Act makes significant changes to the Internal Revenue Code,","og_url":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html","og_site_name":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","article_published_time":"2018-01-25T15:05:37+00:00","article_modified_time":"2019-12-23T22:58:04+00:00","author":"Anne Marie Robbins","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anne Marie Robbins","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html#article","isPartOf":{"@id":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html"},"author":{"name":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.","@id":"https:\/\/www.lindabury.com\/firm\/#\/schema\/person\/429b3bd6b52a7aa6eb9a0709bbb4d06f"},"headline":"2017 Tax Cuts and Jobs Act","datePublished":"2018-01-25T15:05:37+00:00","dateModified":"2019-12-23T22:58:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html"},"wordCount":757,"articleSection":["Anne Marie Robbins","Insights","Wills, Trusts &amp; Estates"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html","url":"https:\/\/www.lindabury.com\/firm\/insights\/2017-tax-cuts-jobs-act.html","name":"2017 Tax Cuts and Jobs Act &#8212; January 25, 2018 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. 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