In December 2017, President Donald Trump signed a new tax bill into law. Known previously as the “Tax Cuts and Jobs Act,” the reform will begin to have far-reaching impacts on many areas of tax and financial planning. One significant area of impact is estate planning.
Changes Under Tax Reform
The tax reform legislation raised the estate tax exemption to $11.18 million per person, or $23.36 million for a married couple, a significant increase over prior limits.
