A new law raises the federal estate tax exemption to $15 million. Here’s how it affects homeowners, heirs, and real estate-heavy estates.

The new tax cuts and spending law signed by President Trump on July 4 could provide savings for all income groups, an analysis finds.

Individuals 65 and older who file singly have a total deduction of $23,750 starting in 2025, including the $15,750 standard deduction, the $2,000 existing senior deduction, and a new $6,000 senior deduction.