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New Tax Law Could Tremendous Windfall for Your Children

The new federal exemption amount has increased as a result of the new tax law, which means that the amount you or your estate can pass on to your heirs free of taxes has increased to approximately $11 million this year from $5.49 million in 2017. 

An existing will that already includes a reference to the federal exemption amount rather than a specific amount for calculating children’s inheritance could mean that more is going to the children and less to your spouse than intended. If you intend to pass on significant wealth to your children and your spouse, you may need to consider reevaluating estate plan based on the wording inside your will. Your spouse could end up with a smaller portion of your estate than you intended due to the new estate tax rules if you have unclear wording in your will.

For wealthy individuals who have wills drawn up prior to 2018, there’s a chance that no specific dollar amount is included directly inside the will. This means that it may not be clear how much money goes into a trust for your children. Rather, the will might refer to the current federal estate tax exemption amount which has changed since you put together the original will. This is why it is worth scheduling a consultation with an experienced estate planning lawyer as soon as possible to give you the clarity you need to restructure your will or include new wording that is clear.

 



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