With the new tax laws in place, you should revisit any gifting plans that you previously made.
With the passage of a new tax law that doubles the estate tax exemption, there has been a lot of talk about what that means for current estate plans and how people might plan differently to take full advantage of the new exemption limits. However, one thing that often gets lost in the discussion, is what it means for currently existing gifting plans.
Gifting is usually done to shrink an estate as much as possible to lower the eventual estate tax burden. However, that may not be necessary now for some people as My San Antonio points out in "How gifting of ranch land to family can increase taxes owed."
Some people will have no need to continue gifting programs designed to shrink an estate below the former exemption limit, so it will not make sense to continue those programs. However, that comes with a caveat.
The estate tax exemption limits are scheduled to revert to their previous levels in 2026. Many experts do not think that Congress will extend the exemption beyond then. That could mean that if someone lives past 2025, then a lot of gifting years have been wasted and more estate tax could ultimately be due.
Whether continuing a gifting program is a good idea, depends on an individual's personal circumstances.
Talk to an estate planning attorney about what you should do.
Reference: My San Antonio (Jan. 29, 2018) "How gifting of ranch land to family can increase taxes owed."