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San Jose estate planning lawyerWhen the Republican-backed tax reform plan was under consideration late last year, it included provisions that affected estate planning. Whether or not you support the changes, the passage of the Tax Cuts and Jobs Act of 2017 provides everyone with a reminder that planning for the future is something to do sooner rather than later.

The “Death Tax”

The federal estate tax is a levy of 40 percent that, prior to 2018, was applied to the value of estates exceeding $5.6 million for an individual and $11.2 million for married couples. The tax reform bill doubles the tax exemption which can be claimed by an estate, allowing a person’s heirs to realize savings on the so-called “death tax.” Proper planning can help minimize the impact the federal estate tax has on your family’s inheritance.

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