Estate Taxes: A Window of Opportunity

Starting in 2018, the new tax law offers a major chance to save on estate taxes: a doubling of the estate tax exclusion to $11.2 million. But there is a major caveat: the higher exclusion expires at the end of 2025, if not renewed by Congress. While the temporary bump up creates major opportunities, it also creates potential pitfalls for wills and trusts that are already in place. To avoid the problems and take advantage of the opportunities, here are some key things you should consider doing this year, from Kristi Mathisen, LNWM Managing Director of Tax and Financial Planning.