Under the new Tax Cuts and Jobs Act most taxpayers “will never pay a federal estate tax,” however with the expanded exemption many reasons exist to engage in estate planning, according to a just-released analysis by Nixon Peabody.
The Tax Cuts and Jobs Act of 2017 increases the federal estate, gift and generation-skipping transfer (GST) tax exemptions to $10 million (indexed for inflation) per person beginning on Jan. 1, 2018.
The exemptions are scheduled to sunset effective Jan. 1, 2026, with reversion to current federal law.