No one wants to pay taxes, especially estate taxes. Thankfully, the federal estate tax exemption has increased to a level that allows most people to avoid federal estate taxes or at least to utilize sophisticated estate planning techniques to minimize them. As a result of the passage of the Tax Cuts and Jobs Act of 2017, the estate tax exemption amount is currently set at $11.4 million and is set to increase each year through 2025 based on inflation. For married couples this exemption amount can be doubled through the use of portability, allowing for an exemption of up to $22.8 million for a married couple. This means that you will pay no federal estate taxes if you own less than $11.4 million in assets at the time of your death.
Please allow us to help you and your family avoid or minimize your expenses and taxes at your death. If you need help with estate or tax planning, the experienced attorneys at Murphy, Taylor, Siemens & Elliott are ready to help you. Please call us at (816) 364-6677.
Authored by: Lindsey Holcumbrink