Estate Tax Remains Under New Law

The new tax law still has estate taxes, but very few people will ever have to worry about that.

"Makes the vast majority of family farms and small businesses exempt from the estate tax," said President Donald Trump.

Iowa State University Tax expert Kristine Tidgren said under the old law it was a pretty small percentage of people who paid any estate tax, farmers could own property worth up to $5.6 million and not owe estate taxes. And now,

"You can die with $11.2 million in property and your estate will not owe any estate tax on that amount. So it is pretty much going to eliminate any concern about estate tax."

In all of 2016, only 5,000 federal estate tax forms were filed.  Now that number is expected to be far less.

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