Should I Use My Full Federal Estate Tax Exemption Now? | Estate Planning TV 043
Should I Use My Full Federal Estate Tax Exemption Now?
At the end of 2017 some pretty significant tax legislation was passed. It changed around the income tax brackets, changed the way businesses were taxed, and significantly increased the federal estate tax exemption.
And when I say significantly I mean SIGNIFICANTLY.
If you died in 2017 you had an exemption of $5.43MM.
If you die in 2018 and beyond you have an exemption of $11.1MM
Sounds pretty good, right? For most people that means they are going to have to pay zero estate tax when they die (although if you are a Washington resident you need to be weary of the STATE estate tax that starts at $2.193MM).
But for some they are faced with an interesting dilemma, particularly when you consider two things:
1. The estate tax exemption is set to expire in 2026; and
2. There is a high likelihood the law could be changed well in advance of that to a much lower number.
On today’s episode I wanted to talk about one potential strategy to eliminate the risks of those two things happening: using ALL of your estate tax exemption NOW.
If you want to get all the details, listen to the show!
If you have any more questions or think you might want some help, click the link below to schedule a phone or in person strategy session. Looking forward to it!