FAVORABLE GIFT AND ESTATE TAX LAW CHANGES EFFECTIVE JANUARY 1, 2018 SIMPLIFY ESTATE PLANNING!

The federal government passed the ‘Tax Cut and Reform Bill’ last year which increased the amount an individual can gift free of ‘estate tax’ at death to $11.2 million for a single person and $22.4 million for couples. This new tax law effectively doubles the exemption amount for tax years 2018-2025.

The federal government passed the ‘Tax Cut and Reform Bill’ last year which increased the amount an individual can gift free of ‘estate tax’ at death to $11.2 million for a single person and $22.4 million for couples. This new tax law effectively doubles the exemption amount for tax years 2018-2025.

Many revocable living trusts for married couples (especially trusts drafted before 2010) created an ‘A/B’ trust structure to avoid estate taxes at the first and second death, but that complicated structure may no longer be necessary in light of the higher estate exemption.

Good News! Your estate plan can be SIMPLIFIED! For first-time estate planning clients, creating your estate plan just became easier! Call us today for an appointment to review your current estate plan or to create a first-time estate plan!

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