March 05, 2018
Have you wondered how the changes to the estate and gift tax exemptions under the 2017 Tax Cuts and Jobs Act may affect your estate planning needs?
The following highlights the recent changes and offers a list of questions for consideration when determining the need to update or create a new estate plan.
Current annual exclusion
Use of increased exemption prior to Jan. 1, 2026
Will there be clawback?
Should portability still be considered?
Should I terminate a life insurance policy held in an irrevocable life insurance trust?
Should I look at drafting new estate planning documents?
If I am well under the increased exemption, should I take steps to undo prior gift techniques?
Contact your Eide Bailly tax advisor or a member of our wealth transition services team with questions.