Higher Estate Tax Exemption
Updated: Apr 10, 2020
Filing annual income tax returns isn’t the full extent of the federal taxing arm; there are also
and
. While the federal estate tax continues to apply, a giant exemption amount means that only very wealthy individuals need to be concerned with tax planning for their heirs. For those dying in 2018, the exemption is $11.18 million. (The same exemption amount can be used to gift property during your lifetime.) And for married couples, any unused amount can be applied toward the surviving spouse’s estate in the future. But
don’t ignore lower exemptions that apply in some states
.