Estate Tax Issues
The recently passed tax bill temporarily doubles the exemption amount for estate and gift taxes from $ 5 million to $ 10 million through tax year 2025. The exemption is indexed for inflation, so an individual can shelter $ 11.2 million in assets from estate and gift taxes. A married couple can now exclude $ 22.4 million from estate and gift taxes in the current tax year. Clients will want to consider making gifts to existing or new irrevocable trusts, leveraging gifts to support the funding of life insurance or existing sales to trusts, and pairing gifts with charitable trusts.
Contact us to learn more Estate Tax issues for this year.
