Estate planning is all about preparing for the future and making sure that your goals are met. However, good estate planning often takes time.
The Tax Cuts and Jobs Act of 2017 doubled the exemptions that apply to estate taxes. Federal estate taxes won't apply to individual estates unless their net worth exceeds $11.18 million. For couples, the exemption is $22 million. This means that nearly all Americans — except for the few who have net worths exceeding $11 million — will not have to worry about estate-tax planning. This might beg the question: Is estate planning obsolete?