Private Client Services 2018 Year-End Advisory

December 18, 2018 Advisory

This past year was filled with noteworthy changes to our tax landscape. In this Advisory, we summarize major changes enacted in the Tax Cuts and Jobs Act and outline a number of recommended estate planning opportunities before the end of the year.

2019 Estate, Gift and GST Tax Exemption

For tax year 2019, the estate, gift, and generation-skipping transfer (“GST”) tax exemption amounts are projected to be as follows:

Unified Federal Estate, Gift Tax and GST Exemption. In 2019, the estate, gift tax and GST exemptions are projected to be $11,400,000 per taxpayer, this is up from $11,180,000 in 2018. A married couple will be able to shield a total of $22,800,000 from these taxes in 2019, up from $22,360,000 in 2018. These exemption amounts are set to expire after December 31, 2025. On January 1, 2026, the exemption amounts will revert back to prior law, $5,000,000 per person, indexed for inflation from 2011. 

40% Estate, Gift and GST Tax Rate. The maximum estate, gift, and GST tax rate will remain at 40%.

To read the full advisory, please click the PDF link below.