Estate Planning Attorney | In the beginning of 2018, there were major changes to the tax laws that potentially influence your estate plan. While many people devise these plans with the goal of minimizing taxes, whenever there are major changes in the national tax brackets, it’s always a good time to reevaluate your estate plan with the help of an estate planning attorney.
Specifically, the Tax Cuts and Jobs Act could affect how your estate is carried out. The good news is that many of these tax changes will benefit most people. Most relating to estates, the estate tax and gift exemption for 2018 increased from $5.49 million to $11.2 million for an individual or $22.4 million for a married couple. This means that if the gross value of your estate is less than your exemption amount, you will not be subject to estate or generation-skipping transfer taxes. An estate planning attorney can explain in further detail how this could benefit you or your spouse.
The annual gift tax exclusion also increased from $14,000 to $15,000. This is the amount you can gift an individual in each year without reducing the amount of estate tax and gift exemption.
It’s important to keep in mind that these tax changes are only in effect until 2025 where they will then return to the previously enacted levels.
Keep in mind that estate planning is more than just saving money on taxes — it’s about making the right decisions for you and your family. Speak with an estate planning attorney who can guide you through these changes and provide advice along the way.
The Law Office of Michelangelo Mortellaro can help you accomplish your estate planning goals. Contact them today for a confidential consultation.