9 Things You Need to Know About the Republican Tax Overhaul

By Samuel Smith, Deputy Managing Editor FacebookTwitter
Pall-bearers carry the casket of pop singer Whitney Houston to a hearse following her funeral service at the New Hope Baptist Church in Newark, New Jersey February 18, 2012. Houston, 48, died in a Beverly Hills hotel room on February 11, the eve of the music industry's Grammy Awards.
Pall-bearers carry the casket of pop singer Whitney Houston to a hearse following her funeral service at the New Hope Baptist Church in Newark, New Jersey February 18, 2012. Houston, 48, died in a Beverly Hills hotel room on February 11, the eve of the music industry's Grammy Awards. | (Photo: REUTERS/Lucas Jackson)

5. Estate tax threshold increased 

The bill also shields families with larger inheritances from having to pay an estate tax, "a tax on your right to transfer property at your death."

According to NBC News, the threshold to pay an estate tax after a loved one dies is just over $11 million for individuals and over $22 million for married couples.

Previously, the exemption cap was set at $5.5 million for individuals.

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