According to recent news from the IRS, taxpayers will be able to benefit from higher thresholds for US gift and estate taxes, even if they do not pass away after the current tax overall program expires in 2026.
The updates from the 2017 tax law essentially doubled the gift tax and estate tax exemption, meaning that individuals are able to pass on $11.4 million from their estate tax free.
These higher levels could expire and phase out in 2026, but the IRS says the benefits are currently set to continue beyond that point.
Those people who are planning to make large gifts between 2018 and 2025 will now be able to do so without concern over losing the potential tax benefit of the higher exclusion level once it passes away. If you believe that this law impacts you, schedule a consultation with your estate planning attorney to discuss the specifics.
Our lawyers stay up to date on all relevant state and federal changes that could impact your estate planning. With an annual review of your information, you’ll know that you’re in good hands with a team that prioritizes your specific needs.
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