Rotary Speakers Discuss Estate Planning and the New Tax Law
Attorneys Richard Land and Allyson Marcucio from the firm of Chipman, Mazzucco, Land & Pennarola, LLC addressed the Danbury Rotary Club at its recent meeting. You could hear a pin drop during the presentation. The new Tax plan will affect all of us in ways we had not realized. First of all, the average person will probably lose $23,000 in tax deductions—but if he/she is not a wage earner, that person will receive $20,000 in tax credits. If you work for a hospital, for example, you will not get that deduction, but if you own your own business, you will. Why is this provision in the law? No one knows. We all have heard about the demise of the estate tax, a gift to those in the upper one percent of the population in wealth. Of course, you have to die to get it, but it is a nice gift to your family. There are many other changes so be sure to check with your tax advisor to see they impact you.
