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Much has been written about the growing concentration of wealth in the United States and much of the rest of the world. Comparisons to the pre-Depression years of the roaring 20s and England before World War I are increasingly common.1
Not only have the wealthy become wealthier in recent years, but also more of the wealth in the United States will pass over time free of tax at the federal level and under most states’ laws. With a minimal amount of planning, a wealthy couple can now transfer $22.8 million free of federal tax, and over 60 percent of Americans live in states that impose no estate transfer taxes.
The preservation of a stepped-up basis at death under the Tax Cuts and Jobs Act of 2017 (the Act) further assures that more of the ...
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