Federal estate tax laws have changed four times since 2008. The constant flux can make it hard to know when to adjust your estate plan and what changes to make.
Currently, the first $5.34 million of your estate is exempt from estate transfer taxes. Amounts after that are taxed at a rate of 40%. Regardless of what happens with estate tax laws, you can still draft an estate plan that stays relevant and reflects your wishes by telling your lawyers you want something flexible.