HOW DOES THE NEW TAX ACT IMPACT YOU?
Tax Cuts and Jobs Act – A Game Changer
Estate Taxes – 1.The new law increases the amount that each individual can exclude from estate taxes from $5 Million to $11 Million. If you have an estate worth less than $11 Million, this doesn’t mean you’ll never have to worry about estate planning again. First, the $11 Million exclusion only lasts until 2025, when it reverts back to $5 Million. Second, if control of the Congress shifts back to the Democrats, the exclusion could be reduced even further. Finally, there are many important reasons to plan other than saving taxes: asset protection, philanthropy and providinga clear roadmap for the distribution of your estate, to name just a few.
Estate Taxes – 2. If you have an estateworth more than $11 Million, the Act provides a tremendous opportunity to transfer assets to children and grandchildren and dramatically reduce your estate tax. Because the exclusion may go down in the future, you should take advantage of this opportunity now: “use it or lose it”.
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