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.
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Estate planning is a crucial aspect of managing your assets and ensuring your wishes are carried out after you’re no longer around. While meeting with an experienced estate planning attorney and drafting a will and establishing trusts are pivotal steps, it’s equally essential to periodically review and update your beneficiary designations. Many people underestimate the…