There is a new tax law that became effective January 1, 2018, that may affect your estate plan. Although the estate tax was not repealed in the final bill as some had hoped, there are a few significant changes.
Among those are a doubling of the estate and gift tax exemptions (up to $11.2 million for individuals and $22.4 million for married couples in 2018), increases in charitable giving deduction limits and expansion of the use of college savings plans. All of these can impact your estate value, use of family resources and financial planning tools.
It is important to speak to an estate planning attorney to review any adjustments that you might need to make to accommodate the new law. Please contact the attorneys at Shoup Legal, ShoupLegal.com, today if you have questions about how this new tax policy might change your asset distribution plan.