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What's New for 2019 for Federal and State Estate, Inheritance, and Gift Tax Law

What's New for 2019 for Federal and State Estate, Inheritance, and Gift Tax Law

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Here's a quick summary of the new gift, estate, and inheritance changes that came along in 2019. Spoiler alert: very few people now have to pay these taxes.

1. The federal estate and gift tax exemption has been increased from $5,000,000 in 2017 to $10,000,000 in 2018, indexed to inflation. In 2019, that is $11,400,000. This higher federal exemption means that fewer people will be subject to the estate tax, since only estates with assets that exceed that exemption are required to file a federal estate tax return. (Surviving spouses of decedents with estates less than this exemption may still decide to file an estate tax return to request portability, which is the ability to use their deceased spouse's unused exemption at their own death, but they are not required to do so.) Click here to find out more about when an estate tax return does, or doesn't, need to be filed.

2. Several states have increased their state estate tax exemptions, either because they were already indexed for inflation or because they changed their state laws, either way this means that fewer residents of those states will be subject to estate tax.

  1. New Jersey and Delaware have eliminated the estate tax altogether.
  2. ConnecticutMaine and Hawaii match the federal exemption and allow the surviving spouse to make sure the deceased spouse's unused exemption, just like the feds do.
  3. Washington D.C. and Maryland have set their exemption levels to $5 million. Washington D.C.'s exemption is indexed to inflation, Maryland's is not.
  4. Rhode Island's exemption will be indexed for inflation ($1,537,656 million for 2018).
  5. Washington state's exemption will be indexed for inflation ($2.193 million for 2018).
  6. New York is increasing it's estate tax exemption to $5.25 million.
  7. Minnesota increased it's exemption to $2.4 million. 
  8. Massachusetts and Oregon have an exemption of $1 million per person.

 

 


Every Californian's Guide to Estate Planning

by Liza Hanks
(1st Edition, January 2018)

Every Californian's Guide to Estate Planning

Every Californian's Guide to Estate Planning helps you understand the basics of leaving money and property to loved ones and charities, naming a guardian for children, and planning for beloved pets—with a special focus on issues unique to making an estate plan in California.

In Paperback and eBook (Adobe Reader)  

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Nolo (publisher)


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“Explains how to find state-specific information, and an appendix sorts legalities by state.”-Miami Herald

“Covers the gamut of estate chores and helps you get through them.”-Kiplinger's Retirement Report

In Paperback and eBook (Adobe Reader)  

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Nolo (publisher)


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(April 2016, 11th Edition)

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“…complete details for each state…”-Los Angeles Times

The ninth updated edition of 8 Ways to Avoid Probate provides readers with solid advice on easy methods that can skip the probate process, from naming payable-on-death beneficiaries for financial accounts and owning property jointly to creating living trusts and more. It's been completely updated to include the latest estate laws and gift tax rules, and offers a focus on the transfer-on-death deeds which are now available in more states. From personal property such as autos to home ownership and bank accounts, this covers all kinds of transfers and includes case history examples throughout in a recommendation for any general lending library."-Midwest Book Review

In Paperback and eBook (Adobe Reader)  

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Nolo (publisher)


Quicken WillMaker Plus 2019

by Nolo
(August 2018, 2019 Edition)

Quicken WillMaker Plus 2019

America’s #1 estate planning software
Quicken WillMaker Plus is the easiest way to create your estate plan, whether you're just getting started or you want to update your previous arrangements. This powerful software guides you through the process from beginning to end, giving you the practical and legal information you need to make the best decisions for you and your family.

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


Online Will

by Nolo
(2017)

Online Will

In Paperback and eBook (Adobe Reader)  

Buy & download now @
Nolo (publisher)


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