The United States Congress enacted tax legislation, ushering in several changes to the wealth transfer tax system, which took effect on January 1, 2018. Under the new law, the federal estate, gift and generation-skipping transfer (“GST”) tax exemption amounts will increase to $11,200,000 for individuals and $22,400,000 for married couples, from $5,490,000 and $10,980,000, respectively, in 2017. These exemption amounts are scheduled to increase with inflation each year until 2025. On January 1, 2026, the exemption amounts are scheduled to revert to the 2017 levels, adjusted for inflation. The highest marginal federal estate and gift tax rates will remain at 40% and the GST tax rate will remain a flat 40%.