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What is the new federal estate tax law?

Estate planning is a process that requires a lot of thought. Not only do you have to think about who gets what but it also falls on you to ensure whatever you give does not come with a huge tax burden. For most people in Missouri, this is not a huge deal. However, if you are a high-income earner or someone with impressive assets, then the new changes to the estate tax laws at the federal level can really help. 

According to Forbes, it was the intention of President Trump to remove the estate tax altogether. While that did not happen, the new estate tax laws do offer some reprieve to more people. How the tax works at the federal level is you have to have assets that go over a certain exempt amount. What the changes in the law does is raise that exempt level. 

For most people, these changes will not really affect them because they simply do not own enough assets to have ever reached the prior threshold. However, if you do have a lot of assets, then you will really like that the levels have been raised to $11.2 million for individuals and $22.4 million for married couples. 

This is huge if you have a lot of valuable assets that you are including in your estate plan. You want to know that your heirs will not be overtaxed on whatever you leave them. It can give everyone a peace of mind. This information is for education and is not legal advice. 

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