It’s time to revisit your family legacy plan. The new tax reform legislation (Tax Act) creates a window of opportunity for wealth transfer planning by successful families until 2026.
Doubling Transfer Tax Exemptions. As of January 1, 2018, the Tax Act doubles the “basic exclusion amount” for the gift, estate, and GST taxes (transfer taxes) from $5 million to $10 million, as annually adjusted for inflation to determine the available exemptions in each year. The last time we had transfer tax relief, the gift tax exemption was capped at $1 million, but not this time -- the flood gates are open.
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