Act now to utilize estate tax exemptions before they decrease in 2025. Learn how with the right tax planning strategies.
Maximize Your Estate Tax Exemptions Before Time Runs Out
With the Tax Cuts and Jobs Act's end in sight, estate and gift tax exemptions are at a peak until 2025's close. Though it seems distant, preparing now is crucial to leverage these benefits fully.
The Impending Change to Estate Tax Exemptions
Since its enactment, the TCJA's looming sunset on December 31, 2025, promises significant tax provision reversals. Currently, in 2024, the deadline nears, urging immediate action to safeguard your estate's financial health.
Understanding Federal Estate, Gift, and GST Taxes
The TCJA made pivotal changes, expanding the estate and gift tax exemption amounts dramatically. In 2024, the exemption stands at an impressive $13.61 million per individual, enabling substantial tax-free asset transfers. However, post-2025, exemptions will halve, potentially costing unprepared taxpayers millions.
Strategizing to Preserve Your Wealth
Avoiding the financial fallout requires proactive planning. For many, employing irrevocable trusts, like the spousal lifetime access trust (SLAT), offers a viable solution, enabling significant asset transfers under current exemption rates.
Why Now is the Time to Act
Given the complexity of estate planning, starting early is essential. From decision-making to trust establishment and funding, each step takes time. Engaging with estate tax planning professionals now ensures your estate is positioned optimally before the exemption reduction.
Seek Out Professional Advice for Optimal Planning
The clock is ticking on tax cuts, urging swift action to avoid missing out on current estate tax exemptions. Choosing a knowledgeable advisory team is key to navigating these changes effectively.
If you need help finding an estate tax planning professional, let us know and we can help you find qualified resources. And, of course, if you find yourself with tax problems of any kind, don't hesitate to contact us for help and guidance. That's what my team and I are here for.
You can contact me by one of the methods below in the blue box, or email me at Larry@TaxProblemSolver.com and we can review your specific issues and solve them. You can also click here to book a free consultation.
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