estate exemption Archives - Milliken, Perkins & Brunelle

What the new tax law could mean for you

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July 20, 2025 Kevin Brunelle Child Tax Credit, estate exemption, gift tax, salt deduction, senior deduction, standard deduction, vehicle deduction

One Big Beautiful Bill

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also introduces several new benefits — although some other tax breaks have been removed. Below is a summary of eight areas with changes that may impact you and your family.

Your estate plan: Don’t forget about income tax planning

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June 14, 2022 Kevin Brunelle estate exemption, estate tax, gift tax

Estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.