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My dear old Dad is, unfortunately, fading. Question is: He…

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My dear old Dad...

My dear old Dad is, unfortunately, fading. Question is: He wants to leave $1.5 million to his kids

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Tax liability under new tax laws?

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Just answer the question posed.

Submitted: 6 months ago.Category: Tax
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1/2/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,178
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual can leave $5.6 million to heirs and pay no federal estate or gift tax.

The new law exempts about $11 million for individuals

Please let me know if you need more information.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Hello, just checking back to see if the answer addressed your question.

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