How much do you know about the federal estate tax? You may think you are millions of dollars away from needing to worry about passing your inheritance to your heirs tax-free. Well, that might be the case… Right now. But things can change quickly, so the estate planning attorneys at Doane and Doane says be prepared. Right now, the estate tax exemption stands at 11.4 million dollars, per spouse, or 22.8 million per couple. That’s how much you can leave without your heirs needing to pay the estate tax.
In 2026, that number is scheduled to drop to 6.2 million, per spouse. So in most cases the threshold with be cut roughly in half. That’s still a sizable estate. But Randell Doane says you need to pay close attention to what happens in Washington:
“Some members of congress for some time now have been talking about, they believe it should be a three point five million dollar exception. So we’ll see what happens in the year 2020 in congress but if there was a change there and there was a change in the white house we might end up with a 3.5 million dollar exemption.”
The bottom line is you need to prepare, so call an estate attorney with extensive experience in protecting assets. Call Doane and Doane or log onto doaneanddoane.com