Douglas
Well-known member
The estate tax exemption was doubled with the tax cuts passed in Dec 2017. Now everything under 11.2 million is free of tax per estate.
Three issues in planning your estate. Income taxes, estate taxes, medicaid planning/nursing home costs.
Good planning in one area can be bad planning in another. For example sell everything, develop Alzheimer's and blow thru it all. If you have l-t care insurance maybe not. If the estate is under 11.2 million fine but as others have mentioned you get a stepped up basis in your land, buildings, equipment, etc. if you kids inherit them, they pay little income tax and they inherit twice as much value.
You need professional help, almost all do. Don't get advice from an insurance salesman. CPA, Attorney, someone not selling anything.
Three issues in planning your estate. Income taxes, estate taxes, medicaid planning/nursing home costs.
Good planning in one area can be bad planning in another. For example sell everything, develop Alzheimer's and blow thru it all. If you have l-t care insurance maybe not. If the estate is under 11.2 million fine but as others have mentioned you get a stepped up basis in your land, buildings, equipment, etc. if you kids inherit them, they pay little income tax and they inherit twice as much value.
You need professional help, almost all do. Don't get advice from an insurance salesman. CPA, Attorney, someone not selling anything.