This content is sponsored by The Collins Firm
The changes from new tax reform bill is effecting estate planning, no matter what the individual’s tax bracket may be.
Today’s tax law increased the exemption to $11.2 million per person or $22.4 million per couple — that’s double the amount of money that’s automatically exempt from the federal estate tax compared to the previous tax law.
However, the change is only temporary, and the measure expires in less than eight years. The provision will go through the end of 2025, unless Congress extends it.
During the window with the increased exemption, the tax bill offers enormous planning opportunities to help your family down the road and simplify your existing will or trust, said Attorney Mike Collins with the Collins Firm.
Collins recommends talking with your estate-planning attorney to make sure you’re coming up with a plan to get the most important capital gains tax advantages.
The tax law means everyone should get a will and or trust, he said.
“Doing some basic planning [is] more important for everyone than ever before,” Collins said.