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Estate and GST Exemption Update

The December 22nd Tax Cuts and Jobs Act enacted a temporary doubling of the Federal exemption and Generation Skipping Tax (GST) exemption amounts for the years 2018 to 2025. The Federal exemption jumped from $5.49M in 2017 to $11.18M in 2018. Individuals who previously gifted their entire federal exemption amount now have an additional $5.5M…