Happy New Year

Tuesday, January 2, 2018

2018 heralds perhaps the most dramatic change in the federal and Maine estate tax in memory. The tax legislation (effective January 1, 2018) immediately doubles the federal estate, gift and generation skipping tax exemption to almost $11.2 million per decedent. The exemption will continue to be indexed annually, and although the actual amount of the adjusted exemptions for 2018 has not yet been announced officially, we believe the calculation yields an exemption of $11.180 million. Thus couples will be able to pass on over $22 million free of estate and gift tax.