The Tax Cuts and Jobs Act boosts exemption amounts

Description

Abstract: With the passage of the Tax Cuts and Jobs Act, the estate planning landscape hasn’t changed as drastically as some lawmakers would have liked. While the TCJA temporarily doubles the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption, it doesn’t outright repeal the estate tax, as envisioned in the U.S. House of Representatives’ version of the bill. This article examines the changes in the TCJA that have created new estate planning opportunities and challenges.