In 2018, as part of the Tax Cuts and Jobs Acts (TCJA), the lifetime exemption limit for estate and gift tax purposes was increased to allow individuals to transfer double the previous amount over their lifetime without incurring taxes. Presently, individuals can transfer up to $13.61 million, while married couples can transfer up to $27.22 million. As a result of this change, high-net-worth individuals whose estates are subject to transfer taxes have an opportunity to significantly … Read More...