This gift tax change will allow people who have already reached the exemption limit to give a little more, perhaps to a relative who was not yet born when the lifetime limit was previously reached.
The extra $90,000 could also be used to give to other relatives who might be in need. While it might not seem like very much, $90,000 could do a lot of good for one individual.
Because of this exemption increase, now would be a good time to consult an experienced estate planning attorney to revisit your gifting plan.
At the same time you could talk to the attorney to determine whether any other portion of your estate plan needs to be revised to account for other laws that might have changed.
