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Major Changes to Estate and Inheritance Tax Laws
Effective January 1, 2016, Tennessee's inheritance tax has been abolished. In addition, the federal estate tax exemption for 2017 is now $5.49 million and is potentially "portable" between spouses. The annual gift exclusion remains at $14,000 for 2017. Clients who have not had their estate plans reviewed recently may want to schedule a conference to determine if their estate plan is affected by these changes.
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