In 2017, with the passage of the Tax Cuts and Jobs Act (TCJA), the federal estate tax exemption amount was effectively doubled. Today, individual estates valued at less than $11.4 million are not subject to federal estate taxes.
This has left many Americans thinking they don’t need to worry about estate taxes at all. But there are still state estate taxes and/or inheritance taxes to keep in mind—even for estates that don’t come close to the federal exemption limit. Here, we’ll review some of the historical context, along with some techniques that can help you determine your exposure to state estate and inheritance taxes, so you can plan accordingly.Read More