Key Takeaways:
- The federal estate and gift tax exemption has been raised to $15 million and is scheduled to adjust over time as it’s indexed for inflation.
- The federal annual gift tax exclusion now stands at $19,000 per person, per recipient. An annual gift of $19,000—to anyone—does not count against the federal lifetime exemption of $15 million and can be used as part of an overall gifting approach to help manage estate size.
- No matter the size of your estate, it’s important to consider planning as many states have lower thresholds for estate taxes or inheritance taxes. Wealth transfer planning can help pass assets to loved ones in an intentional manner.
00:00 Welcome to 5 Questions with Fidelity
00:16 What are the recent changes to estate tax laws?
01:07 What are the annual and lifetime federal estate and gift tax exemptions?
03:07 Who should be thinking about estate taxes?
04:45 How can trusts help with estate taxes?
06:03 Who should consider estate planning and why it is important
Questions? Drop them below 👇 and we’ll reply right in the comments.
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By: Fidelity Investments
Title: Estate Taxes Explained | 5 Questions with Fidelity | Fidelity Investments
Sourced From: www.youtube.com/watch?v=wgbg791XJdM
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