How does the new Tax Act effect Estate and Gift Tax

  • The bill increases the federal estate and gift tax unified credit basic exclusion amount from US$5 million (with inflation adjustments) to US$10 million (with inflation adjustments), which means that the basic exclusion amount for 2018 will be US$11.2 million per person or US$22.4 million per married couple.
  • The GST exemption amount, which is equal to the basic exclusion amount, also increases in the same manner.
  • The increases are effective for decedents dying after December 31, 2017 and gifts and generation-skipping transfers made after December 31, 2017 and before January 1, 2026.

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