Jim Ryan: Hello. I’m Jim Ryan, Chief Financial Officer for Old National Bank. I’m joined today by Doug Gregurich and Mike Pitts. We’d like to talk to you about some of the recent tax changes that were enacted. There were some important changes with respect to home ownership and taxes. Mike, as Tax Manager in our Wealth Management Division, you work with many of our clients regarding their personal tax situation. Are there any immediate actions personally we should take as a result of the new tax changes?
Mike Pitts: Well that's a good question, there are a couple of things that come to mind that are kind of big ticket items. First, for business owners, whether you are a C Corporation, an S Corporation or a Partnership, there have been a lot of changes to how those are taxed and it might be worth considering if you are in the right structure at this point.
Jim Ryan: That's interesting.
Mike Pitts: The other thing that comes to mind is the estate and gift exclusion has been increased significantly. It has been increased to $11 million dollars now per person. So it may be a good idea to consider additional gifting and for the most bang for your buck, potentially gifting into a GST Trust.
Jim Ryan: Interesting. Personal exemptions also doubled, can you tell us a little bit more about how we expect to file our taxes next year?
Mike Pitts: Again, yes. The standard deduction is up, the personal exemptions are gone, the tax rates are down, overall, what that does for us is most people should expect a lower tax bill.
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