Saying goodbye to large estate and gift tax exemptions: The potential impact of new legislation and strategies to use your current exemption before it expires
On Dec. 22, 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law. Among the various changes to the tax code, one change that impacted individuals of high net worth and ultra-high net worth were the significant increases to the estate, gift and generation-skipping transfer (GST) tax exemptions.