Your estate plan: Don’t forget about income tax planning

Description

Abstract: As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for heirs. A sidebar briefly looks at certain exclusions or discounts.