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Estate tax lives on

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in Small Business Tax

Despite calls for its repeal, the federal estate tax survived the chopping block again. But only the wealthiest taxpayers need worry about it in the near future.

Alert: The new law doubles the $5 million exemption to $10 million. And married couples still can benefit from portability of the exemption.

With inflation indexing, the federal estate exemption will be about $11.2 million in 2018. Thus, the effective tax shelter for a married couple is $22.4 million. Corresponding changes in the exemption apply to the generation-skipping transfer tax.

Tip: State death taxes can still be a concern, depending on where you live.

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