Congress passed the Tax Cuts and Jobs Act of 2017 making the estate tax permanent. It is now possible to transfer $5.6 million during life or at death, and this amount is adjusted for inflation. In 2018, the estate tax is $11.2 million per person or $22.4 million for married couples.
Additionally, the annual gift tax exclusion has increased to $15,000.00 per year and couples can now pass $30,000.00 per year without gift tax consequences. We suggest you make an appointment with an attorney at Craig Donoff, P.A., to discuss how to take advantage of these new tax laws.
Estate planning is a continuous process of review and always subject to change. The new estate tax law was supposed to be permanent but as we have observed in the past, anything can happen when it comes to tax reform. Now is a very good time to update and consider your own estate plan.
With over 40 years of experience, Craig Donoff, Esq., can answer all of your questions regarding estate taxes. Please make an appointment to review and update your estate plan and living trust with the attorneys at Craig Donoff, P.A.
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