Plain Language of Change:
- The federal estate and gift tax exclusion was doubled to $10 million per person, before inflation adjustments, for people dying or gifts made from January 1, 2018 to December 31, 2025
- For 2018, the exclusion amount is $11.2 million for 2018 based on the inflation adjustment
- Portability will continue to apply
- The generation skipping transfer (GST) tax exclusion is the same as the estate exclusion. Portability does not apply.
Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.