Estate tax planning has taken a turn for the better for the very wealthy – new changes signed into law regarding Estate Taxes temporarily double the exemption amount for estate, gift and generation-skipping taxes (from 5 million to 10 million). This benefits anyone with over $11 million in assets, as it protects this money from taxes when it is given as a gift or transferred at death. As it stands now, very few individuals will be subject to a federal estate tax.
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