The Tax Cuts and Jobs Act of 2017 (TCJA) will bring many changes to people's personal income tax returns in California and elsewhere. Many of the changes are effective in the 2018 tax year, and will be reflected in people's tax returns filed in 2019. The far-reaching changes may necessitate revisions in the estate planning programs that people have established, so that it is important to check with the estate planning attorney and any tax specialist who assisted in establishing one's estate plan.
The changes made by the TCJA are far too voluminous and complex to fully discuss in this article. It is possible, however, to identify a few of the highlights and give some general ideas of their import. It can be noted, for example, that the standard deduction for individuals and that for married couples will just about double in 2018 over 2017. At the same time, personal exemptions have been eliminated up until 2025.