Tax and Money Tip of the Week:
New Tax Law Series-
Part 12: Big Estate Tax Change
May 9, 2018 | No. 383

Beginning in 2018, the estate- and gift-tax exemption (a combined amount that applies to an individual’s gifts made during life or assets left at death) is doubling to nearly $11.2 million per individual or $22.4 million per married couple.  The exemption is also adjusted for inflation. This increase is set to lapse after 2025.
The unused portion of exemption is ‘portable’:  The tax overhaul also didn’t change the rules on “portability,” a generous tax benefit for many married couples.  It allows a surviving spouse to receive the unused portion of the federal estate-tax exemption of the spouse who died.

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Mark Vitek, CPA/PFS, CFP®
…until next time