Estate tax and related planning

The estate tax affects only certain estates: in 2023 it applies to estates exceeding a taxable value of $12.92 million, which is taxed at a rate of 40%. While this does not give cause for concern to many, these figures can and do change. Estate tax is often debated in politics and it frequently changes.  Just for example, as recently as 2017, a taxable estate was just under $5.5 million, but just 9 years earlier, in 2008, the amount was $2 million.  

These changes in estate tax do pose concerns from an estate planning perspective. Simply stated, the higher…