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Bloomberg BNA has released its U.S. tax rate projections for 2018, which can be found here.
There are two very important changes expected that will impact estate planning in the coming year. BNA is projecting that the annual gift tax exclusion will rise from $14,000 to $15,000. This means individuals and married couples will be able to transfer more wealth, tax free, each year. This change is particularly important for trusts funded annually with an amount equal to the gift tax exclusion.
In addition, the estate/gift tax exemption and GST tax exemption are both expected to increase from $5,490,000 to $5,600,000. This increase will allow individuals and married couples to transfer more assets, tax free, to future generations.
The IRS will release the official tax rates and exemption and exclusion amounts for 2018 later this fall.
To find out more about how these changes will affect your estate plan, please contact one of the attorneys in Greensfelder’s Trusts & Estates group.