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In 26 months, some families that pay no inheritance tax today face the potential for sizeable federal taxes unless benefactors act. Though few families have enough wealth to be affected, the percentage likely to pay inheritance tax as a result of the lower exemption may more than double.
The current exemption limit is $12.92 million for estates of individuals and $25.84 million for the combined estates of married couples. Congress set this limit, adjusted for inflation, in 2017, doubling the existing exemption.