It is easy to postpone (or even ignore) estate tax planning after the increase of the federal estate and gift tax exemption amount under the Tax Cuts and Jobs Act of 2017. The exemption increased from $5.49 million to $11.18 million. However, with the recent correction in the market and the temporary high exemption amounts, which are scheduled to expire after 2025, now may be the best time to implement estate tax planning strategies that preserve wealth and save significant amounts of estate taxes. Under these conditions, inaction may prove to be a missed opportunity.

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