The new estate tax bill doubles the amount of federal estate tax exemption, so now there is no estate tax on estates up to just over 11 million. That means that if you sit in the 5-11 million range (or 10-22 million range for couples), you should be contacting your financial planner or estate planning attorney to review your estate planning documents, because you may be leaving money on the table.
One major gotcha is that this is only true from 2018-2025, so absent congressional action, the amount could revert to just over 5 million. Still, there are some planning techniques to be used in the meantime to ensure that you get the tax savings even if there is a reversion.
Other key estate planning provisions remain unchanged, importantly the property step-up value at death.