Planning your estate and wondering how the proposed law will affect it? The Tax Cuts and Jobs Act would increase the base exclusion amount to $10 million for 2018 (indexed for inflation). It would repeal the estate and generation-skipping transfer taxes for estates of those dying after Dec. 31, 2023, while maintaining a beneficiary’s stepped-up basis in property. It would also lower the gift tax to a top rate of 35% for gifts made after Dec. 31, 2023, with a base $10 million exclusion amount and a 2018 annual $15,000 exclusion amount (also indexed for inflation).
Planning your estate and wondering how the proposed law will affect it? The Tax Cuts and Jobs Act would increase the base exclusion amount to $10 million for 2018 (indexed for inflation). It would repeal the estate and generation-skipping transfer taxes for estates of those dying after Dec. 31, 2023, while maintaining a beneficiary’s stepped-up basis in property. It would also lower the gift tax to a top rate of 35% for gifts made after Dec. 31, 2023, with a base $10 million exclusion amount and a 2018 annual $15,000 exclusion amount (also indexed for inflation).
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