As the new tax bill becomes finalized, the estate and gift tax exemption will double for 2018. The figure given to individuals will be $11,000,000 and $22,000,000 for those who are married. The increase in the estate and gift exemption will not be a permanent provision, and is set to expire at the end of 2026. With this increase, taxpayers are given a window of opportunity to evaluate their estate plan and unique ability to shift wealth tax free to others, which may have been limited in the past.
For additional information on estate planning and general questions, please be sure to contact us.