GMS - Estate Tax Planning Opportunities Before the Sunset

The Final Countdown: Estate Tax Planning Opportunities Before the Sunset
 
Each person has a lifetime exemption from federal estate and gift taxes. Any gift above $18,000 (while alive during 2024) or a gift of any amount at your death (these are known as “taxable gifts”) reduces your lifetime exemption. If you make more taxable gifts than your available exemption, then taxable gifts are subject to a 40% tax payable by the person making the gift.

Dive into the details, plan smartly, and make the most of your lifetime exemption. Your future self (and your beneficiaries) will thank you!
 
The part of the Tax Cuts and Jobs Act (the “TCJA”) that temporarily increased the federal estate and gift tax exemptions will expire or “sunset” on December 31, 2025. The TCJA previously increased the lifetime exemption amount from $5.6 million to $11.18 million per person, indexed for inflation. For 2024, the lifetime exemption is $13.61 person or $27.22 million per married couple. The upcoming sunset will essentially cut the current lifetime exemption in half and cause many more families to become subject to federal estate tax.
 
Taking advantage of the historically high federal lifetime exemption before it sunsets can positively impact your estate plan for generations to come. Join us on October 8^th for this presentation on what the estate tax exemption sunset means for you and the various strategies you can implement before the sunset to reduce, if not completely eliminate, your federal estate tax liability.

 
Meet the Panel

Heather G. Walser
Attorney Heather Walser is a Lavelle Law Shareholder with more than 20 years of experience. She focuses her practice in the areas of estate planning, wills and trusts, estate and trust administration, and elder law, and is the shareholder in charge of the Estate Planning Practice Group at the firm. Heather works closely with her clients to provide comprehensive solutions for protecting them and implementing their wishes. Heather is committed to understanding all details and aspects of her clients’ issues and providing them with the highest level of service for their legal needs.

 

Brian I. Warens
Attorney Brian is a Shareholder of Lavelle Law who concentrates his practice in the areas of estate planning, estate and trust administration, special needs planning, estate and gift tax, guardianship, and probate. Brian provides his clients with the knowledge, understanding, and comfort that their wishes will be carried out no matter what may come to pass.