The massive changes the TCJA made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them by more than doubling the gift and estate tax exemption. Yet factoring taxes into your estate planning is still important. First, the higher exemptions are only temporary. Second, you still may face state estate tax. Third, tax-smart estate planning can reduce income tax. Questions? Contact us.
