Estate tax laws continue to change; so should your plan
Abstract: The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax provisions, including portability of the exemption, a married couple can easily shelter more than $20 million from federal estate tax. As a result, the need to incorporate estate tax planning strategies into an overall estate plan has been eliminated for everyone other than Hollywood celebrities, professional athletes and Fortune 500 CEOs ― right? Wrong. This article details why an estate plan should address estate tax concerns for both today and the future.