The last chance the government has to tax you is when you die, and federal and state governments each take their cut.

Current federal law allows a single individual to pass $11,180,000 to beneficiaries without them paying tax. (For married couples, it’s twice that amount). Each state has its own set of inheritance tax rules. In PA, for example, inheritance by spouses comes tax free; the children’s rate is 4.5%, siblings’ is 12% and unrelated individuals’ is 15%.

The higher federal exemption makes many older estate plans now obsolete. We advise you to take a fresh look at your will and make sure it coincides with the current rules.

Also, with the annual exclusion for gifts increased to $15,000, you may want to incorporate gifting into your estate planning.