Estate Planning and Estate Taxes
With the current TCJA the estate tax exemption is 11.18 million (single) and 22.26 million (married). Any estate in excess of these thresholds are taxed at 40% in CA. For example, if you are worth 20 million as a single person and pass away, the beneficiaries will pay 3.6 million in estate tax to the IRS within 9 months. I know with real estate, it's easy to build an estate above 11 million or the government may lower the estate tax exemption to around 5 million (single). What are you doing to plan for estate taxes? I started an indexed universal life insurance policy that is max funded to be utilized as tax free income, disability insurance, infinite banking, and provide a lump sum death benefit to help pay off estate taxes for my future kids.
Thanks for any insight!