Key provisions
of current law include:

The American Taxpayer Relief Act of 2012 provided the following:
Exemption Amount: The law permanently maintains the $5 million exemption amount, indexed to inflation.
Spousal portability: The law permanently allows married couples to transfer any unused exemption to the surviving spouse under simplified rules.
No harmful offset: The law reserves valuation discounts, grantor-retained annuity trusts (GRATs) and state estate tax deductibility.
Unification: The estate and gift taxes are permanently unified. This establishes a single graduated rate schedule for both the estate and gift taxes, simplifying estate planning.
The Tax Cuts and Jobs Act of 2017 provided the following:
Exemption Amount: Doubled the exemption for tax-years 2018 through 2025. Because this exemption is adjusted annually for inflation, the 2018 exemption is $11.18 million and for 2019 the exemption is $11.4 million. Under the tax reform law, the increase is only temporary. Thus, in 2026, the exemption level is due to revert to its pre-2018 level of $5 million, as adjusted for inflation.

Family Business Estate Tax Coalition