It's that time of year again: Tax return season is upon us, and we are almost at the last minute to file. While "tax season" generally refers to the filing of our income taxes, some people need to also be concerned about their potential estate taxes.
Until relatively recently, it was “common knowledge” that anyone with an estate over $1 million needed to be concerned about the federal estate tax. With various tax cuts over the last 15 years or so, that threshold has gone up dramatically: In 2019, the only people who need to be concerned about incurring federal estate taxes are those whose gross estates are worth $11.4 million for individuals and $22.8 million for couples who want to take advantage of certain permitted elections.
So, do you need to be concerned about federal estate taxes? Probably not. There are, however, many other aspects of estate planning about which to be concerned. Remember: You don’t know what you don’t know, so hire a professional who will make sure it’s done right.