One of the major 2018 estate planning themes continues to be the importance of income tax planning within an estate plan. With high exemption amounts – $22.4 million for a married couple – eliminating estate and income tax upon death is now attainable for all but the very wealthy. Also of importance is how current law may lead to many clients changing their estate plans, even after the death of the first spouse.
Because the planning and issues pertaining to estate and income tax planning remain so dominant and prevalent, I am reprinting an article I wrote in March 2017 with a colleague on this subject. Read the article here: Tax Management Estates Gifts and Trust Journal Article.