We have seen BIG CHANGES in the federal estate tax limits for 2019. The estate and gift tax exemption is now $11.4 million per individual. That means an individual can leave $11.4 million to their beneficiaries with no federal estate tax due. A married couple will be able to shield $22.8 million. California has no estate tax, although many other states do. In 2019, the annual gift exclusion amount remains the same at $15,000.
Even if you don’t have a taxable estate, you still need an estate plan. Avoiding the probate court, management of your assets in the event of incapacity, and giving legal authority to trusted individuals - instead of the court - are still incredibly important. Although most people don't need to worry about estate tax in 2019 and the foreseeable future, we just cannot predict what may happen in years to come. Is it time to speak to a professional and make sure you and your family are protected?