Tax Guy: Even middle-class Americans need an airtight estate plan for their children

The vast majority of folks are no longer exposed to the federal estate tax, thanks to today’s ultra-generous $11.18 million exemption for singles or effectively $22.36 million for married couples. Great! But being exempt from the federal estate tax is not the end of the story. If you have minor children and some assets (maybe just a car or two and some nice furniture), you probably need an estate plan regardless of your tax situation.

The state of New York on Tuesday launched an investigation into President Donald Trump following a New York Times report alleging that he and his family set up a web of fraudulent financial schemes to transfer money from one generation to the next.

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