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Are you impacted by federal estate tax changes?

If you have an estate plan or are creating an estate plan in Ohio, you probably have heard about estate tax laws. While each state has their own laws, there are also federal laws to know and understand. Recently, a new federal estate tax law was passed, according to Forbes.

The main point of the law is it raises the exemption limits before your assets are taxed. However, the limits were already in the millions of dollars, which didn't harm most people. You will really only be impacted by the recent changes if you have many valuable assets with a high-value amount.

The new limits are $22.4 million for married couples and $11.2 million for single people. Obviously, the standard middle-income family will not have anywhere near this much in assets to be even bothered by the change. However, if you are in a situation where your assets reach into the millions, this can be a chance to save your heirs a lot of money when you die. 

This new law could be huge for many people who worry about the tax burdens their heirs will face when they die. It can give a little more peace of mind to the bracket of high earners that pays the most taxes overall in this country. So, while it may not directly affect you, it is a nice break for many people and the government is getting far less of the people's money. This information is for education and is not intended as legal advice. 

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