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.
- Small Business Tax Deduction Strategies No matches