Recently, we explained that the Tax Cuts and Jobs Act roughly doubled the basic exclusion amount allowed for determining federal estate tax liability following transfers. We explained that every individual is allowed to exclude roughly the first $11.2 million of estate assets from taxation on transfers after death. We also explained that the joint exclusion amount for married people went up to roughly $22.4 million. So, if a man dies before his wife, his wife can transfer to her heirs $11.2 million of her late husband’s share of their estate and $11.2 million of her own share of their estate without federal estate taxation.
Basic Exclusion Changes To Federal Estate Tax
Basic exclusion amounts to the federal estate tax gradually increased over the years, but the 2018 exclusion amount made an enormous leap.
Review Your Current Estate Plan With An Estate Planning Attorney
Wills and trusts planned with considerations to the federal estate tax exemptions might need updating now. If you own property or assets and have an estate plan, now would be a great time to contact an estate planning attorney.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.