LOS ANGELES— The Taxation, Trusts & Estates Groups of Jeffer Mangels Butler & Mitchell LLP (JMBM) announced that JMBM's Basic Guide to Estate Planning has been updated for 2019. The Guide is available for immediate download here: JMBM's 2019 Guide.
The Guide addresses important estate planning issues and introduces some of the principal estate planning techniques that can provide solutions to these issues. Updates for 2019 include the following:
- The amount that an individual can cumulatively transfer free of tax during lifetime and at death (to a recipient other than a spouse who is a U.S. citizen and/or certain charitable organizations) is $11,400,000.
- The generation-skipping transfer ("GST") tax exemption is also $11,400,000 per individual.
The increased exemptions create additional planning and wealth transfer opportunities while they are in effect; however, they are scheduled to expire on January 1, 2026.
"Individuals should review their estate plan with their attorney every three years to ensure it continues to meet their goals," said Burton A. Mitchell, Chair of JMBM's Taxation, Trusts & Estates Department.
About JMBM's Trusts & Estates Group
JMBM's Trusts & Estates Group focuses on
estate planning, wealth transfer planning, trust administration and
the resolution of trust disputes. Our firm has one of the most
active trusts and estates practices in California and our clients
include individuals and families, and their business interests.