As we approach the New Year, all families in DuPage County should recognize that it is the perfect time to consider estate planning issues or to review your estate planning documents. You may have developed your estate planning documents earlier this year, or you may have drafted estate planning materials years ago without considering updating those materials until now. Since you last considered estate planning more generally or created documents, laws have changed and your own personal circumstances may have changed.
We want to discuss some important estate planning issues that you should consider revisiting for 2019. No matter what changes you need to make, an Oakbrook Terrace estate planning lawyer can assist you.
New Tax Law Implications for Estate Planning
The first major change to the law that could have implications for your estate planning strategy is the new tax law that took effect in 2018. The Tax Cuts and Jobs Act (TCJA) raised the federal estate tax exemption. Between 2017 and 2018, the estate and gift tax exemption went up to $5.6 million per person from $5.49 million. As such, starting in 2018, a person can leave up to $5.6 million to family members without it being subject to a federal estate tax. Married couples who jointly leave an inheritance to their heirs can double the amount, meaning that up to $11.2 million can be exempt from federal estate tax. The federal tax exemption does not result in a change to the Illinois exemption, which is $4 million for an individual....