By Richard S. Franklin
Congress is proposing modifications to the gift, estate and generation-skipping transfer taxes. The House of Representatives would double the estate tax exclusion to $11.2 million per person and repeal the estate tax beginning in 2025. The Senate would double the estate tax exclusion to $11.2 million per person but without repealing the tax. Under either approach, a married couple could protect $22.4 million from federal estate taxes. Increasing the exclusion amount reduces the percentage of families subject to the estate tax from .02% to .01%.
What should you do if one or more of these changes occur?