ESTATE PLANNING INSIGHTS By Ethan R. Okura
In last November’s column, I wrote about the then-proposed federal Tax Cuts and Jobs Act. There were quite a few changes in the proposed legislation, which left many people in a state of confusion as the bill went through several revisions before finally being passed into law. Many of the changes initially proposed did not make it into the final bill as I had originally anticipated.
Fast forward to last month when I wrote about how the new law temporarily doubles the estate tax exemption. It now allows each of us to give away during our lifetime, or to pass away owning, up to $10 million (adjusted for inflation) without having to pay any gift or estate tax.
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