How does the new estate exemption affect me?

The current new federal estate tax exemption amount has now moved to $11.2 Million Dollars for a single person (this includes the $10 Million plus inflation adjustment). This essentially means that if you total estate value is less than that amount, the federal government will not tax your estate upon your passing. Although there is talk of a “sunset provision” and the exemption going back down to about $5 Million, the current value is much higher than that. So, this means that your estate plan does NOT have to include tax-planning language for most people. This means that your estate plan can be very effective at a cheaper price! For married couples, you can essentially protect up to $22.4 Million Dollars using a step-basis (married tax planning trust). The benefit for Hyatt plan members is that you do not have to pay for tax planning out of pocket! For more information, please contact your attorney.


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