ESTATE PLANNING INSIGHTS By Ethan R. Okura
Happy New Year! The following is the 2018 update of important numbers used in estate planning and Medicaid planning in Hawai‘i.
How much money and property can a person have at the time of death without paying estate taxes?
At the end of 2017, Congress passed a new tax bill, which the president signed into law. We will discuss some of the income tax changes in detail in next month’s column. One of the main impacts of this new law, however, is that it doubles the previous estate and gift tax exemption from $5 million to $10 million (adjusted for inflation). Taking into account inflation, the actual amount exempt from estate tax for 2018 will be $11,200,000 per person (or perhaps slightly less, as the new law also changes the method used to calculate inflation).
See more articles by Ethan by visiting https://okuralaw.com/blog/