Learn the updates that are taking place for estate, gift and generation-skipping taxes prior to the tax reform.

The Tax Cuts and Jobs Act of 2017 made significant changes to the Internal Revenue Code, but the changes to the estate, gift and generation-skipping transfer tax regimes were much more subtle. The estate tax still remains in place, despite proposals of its full repeal, though the number of estates subject to the tax has decreased dramatically. For those individuals with significant wealth, an understanding of how the new estate tax law works is paramount. This topic provides an overview of the federal transfer tax system, who is affected by it, and how the new tax law temporarily reduces the burden of such taxes. This content will also provide estate planning strategies to take full advantage of increased exemption amounts before the changes sunset.