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Navigating the New Estate and Gift Tax Rules Under the TCJA

January 21, 2019

With the beginning of the year upon us, it may be time to review your current estate plan. In 2018, the estate tax exclusion was raised to $11,180,000. With portability that amount is doubled to $22,360,000. In 2019, the amount is increased to $11,400,000, with portability the amount is doubled to $22,800,000. Therefore, most clients are not subject to the estate tax. Coupled with the estate tax, the gift tax amount was raised to $15,000. If you are married and elect to split your gifts, that amount is doubled to $30,000. However, with the estate tax threshold so high, it doesn’t mean that basic estate plans need to be reviewed, and year-end gifts need to be made. Read more at CPA Practice Advisor.