5 Things to Know About the New Estate Tax Exemption

1. The Tax Cuts and Jobs Act of 2017 doubled the amount you can exempt from the federal estate, gift, and generation-skipping transfer taxes.

2. The new federal exemption amount is $11.8 million.

3. Married couples can use both spouse’s exemptions to jointly shelter $22.36 million from federal transfer taxes.

4. The new federal exemption amount applies to the estates of individuals dying and gifts made after December 31, 2017 and before January 1, 2026.

5. Exemption amounts for state estate tax may be far lower than the federal exemption amount so even if you do not owe the federal estate tax, your estate may owe state estate tax. (Not all states have estate taxes.)

Copper Leaf Financial is a fee-only, fiduciary firm and we can help you by providing advice on all financial matters. With offices in Williston and Rutland, Vermont, we develop a customized wealth management (financial) plan designed to integrate every aspect of your financial life. This is "true wealth management" - a holistic, all-encompassing approach that goes beyond just investment advice. Call us today at (802) 878-2731 to schedule a strategy session and begin building your road map to financial success.

Article published in Copper Leaf Financial publication Eye on Money - September 2018 issue.