Are the tax rules set for 2016/17?
Or can any changes be made by Trump?

2016 is done

Are you talking about Insurance and the penalty?

16 are probably set, I believe that happens in November most years. 17 is wide open. I would expect anything to do with Obama care like that nasty 3.8 percent on capital gains over certain amount and high earners to go away.

2017 tax rules can still be changed by Congress or the IRS. Most 2016 tax rules are 'set', but the IRS is still finalizing some things. Typically takes till about mid-January for this to get done.

One of the perks of having SS as your only income.....no taxes. No taxable income, therefore, no taxes, no forms to fill out, no IRS to worry about.

I never knew that but you are indeed correct

2016 is "set" but like Clinton and the dem controlled congress in 1994 did they can make changes retroactive. So you could get screwed a couple years down the road.

J


Inheritance tax is high too, I wonder if it will ever come down. My dad told us when he is gone there would be almost nothing left for us. What he is doing is gifting the max amount to us every year. Its all going into retirement and college savings either way but I have always thought that tax was rediculously high.

That one kind of bounces around. I'm clearly no tax attorney but a trust if it's still available. You could rat hole 10 million I think. Death benefits are tax free and there are some insurance products out there designed for certain situations. Plus a lot of gifting.

Family trusts are also a really good way to avoid inheritance taxes, particularly when the asset involved is real estate owned without a lien on it.

UR still paying PLENTY of taxes.

Put your money in overseas Russian banks, heard it hear first!

Also coach, your dad can make someone joint owner on accounts. I was on mothers accounts, after death my sister and I would just take draws on them lol. I ran none of those thru probate.

I believe the legislative, not executive branch sets tax law.

this is the reason so many family farms/land is being broken up after generations is that most folks can't pay the taxes on 3,000 acres of land at 48% on top of everything else. Least W pushed the bottom amount to $1M from where it had been at $500,000. For a middle class family who lived debt free and had some investments it's not hard to hit $500,000 in total estate value. Then again the Bush tax cuts wer only for the rich. Like when the child tax credit went from $500 to $1000 for everyone not just the rich.