Estate Planning Weekly

It's that time of year and you can smell taxes in the air. I am seeing and hearing all sorts of news right now about how everyone is getting smaller tax refunds. This isn't necessarily a bad thing. While taxes are on everyone's mind, I'd like to explore how taxes affect estate plans. Small Tax Refunds Are A Good Thing Is your tax refund smaller this year? Don't use that as a measure of good or bad. You need to need to look at your actual tax liability...how much did you actually pay in taxes. If you paid less this year, congratulations. I can hear everyone right now, "but my refund is smaller." That is great - your refund is a return of a no-interest loan that you made to the government. Loaning out money for free is no fun. Plus, that means you had more money in your pocket with every paycheck in 2018. Federal Estate Tax The good news is that 99% of everyone reading this will never have to pay the Federal Estate Tax as it is currently structured. The current Federal Estate Tax Exemption is $11.4 million. Tha