This letter provides a summary of the material provisions of the new tax bill. In order to make this extraordinarily complex bill somewhat understandable, I have left off a number of details and simplified the discussion, so it is critical to consult with a tax advisor based on your particular facts before relying on any description here.

1. ESTATE AND GIFT TAX. The estate and gift tax exemption for estates of decedents dying and gifts made between 2018-2025 is approximately $11,200,000 for individuals and approximately $22,400,000 for married couples, indexed for inflation after 2018. In addition, the generation-skipping transfer tax exemption for direct skips, taxable distributions, and taxable terminations occurring between 2018-2025 is approximately $11.2 Million per person (or approximately $22.4 Million for married couples), indexed for inflation after 2018.