The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple). So, now, even fewer taxpayers have to worry about federal estate taxes when they die. However, if your goal is to leave as much as you can to your heirs, then you should also pay attention to the state you choose for retirement.
Similar Posts
Essential Steps to Start Estate Planning Earlier in Life
Estate planning is often thought of as something for the later years in life, but starting early can offer significant benefits and peace of mind. Whether you’re in your twenties, thirties, or beyond, setting up an estate plan ensures that your assets are managed and distributed according to your wishes and that your loved ones…
Maximize Your Tax Savings with Smart Estate Planning
Tax season can be stressful, but a well-structured estate plan can help you maximize your savings while protecting your assets. Whether you’re filing as an individual, a business owner, or managing an estate, an experienced estate planning attorney can guide you through tax-saving opportunities you may not even know exist. Smart estate planning practices can…
Hiring an Experienced Estate Planning Attorney After a Birth or Death Is Important
Life is full of milestones, some are joyful, like the birth of a child, and others deeply emotional, like the loss of a loved one. Both situations are pivotal moments that can significantly affect your estate plans. Working with an experienced estate planning attorney ensures that your family’s legal and financial affairs are properly protected,…
Why Every Young Family Needs an Estate Planning Attorney
Estate Planning for Young Families: A Smart Start for the Future Many young families assume estate planning is only necessary later in life. In reality, early planning ensures your loved ones are protected and your wishes are honored should the unexpected happen. Working with an experienced estate planning attorney can bring peace of mind and…
