Is Estate Planning Now Dead?

With the passage of the Tax Cuts and Jobs Act of 2017 at the end of last year, the federal estate, gift and generation-skipping tax exemptions doubled to $11.18 million per person. That means that a married couple can now pass over $22 million of property estate tax-free on the federal level. Given these high exemption amounts, approximately 99.9% of all U.S. citizens and residents are no longer subject to these taxes.

With the death of the so-called "death tax" for so many people, some may be wondering whether estate planning matters anymore. While the reduction of estate taxes has long been a major goal