WHAT STRATEGIES MINIMIZE ESTATE TAXES? The gift and estate tax benefits from the Tax Cuts and Jobs Act (TCJA) are still in effect. However, many provisions will sunset at the end of 2025, according to a recent article “Trust and estate planning strategies” from Crain’s New York Business.
The most important aspect for estate planning was the doubling of the estate, gift and generation-skipping transfer tax exemptions. Adjusted for inflation, the current federal estate, gift and GST exclusion is $12.92 million in 2023. This is more than double the pre-TCJA amount, which will return in 2026, unless Congress makes any changes.
While these levels are in effect, there are strategies to consider.
Not all of these steps will be appropriate for everyone. However, understanding the options and discussing with your estate planning attorney will ensure that you are using the most effective strategies to achieve wealth preservation.
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WHAT STRATEGIES MINIMIZE ESTATE TAXES?
Reference: Crain’s New York Business (Feb. 13, 2023) “Trust and estate planning strategies”
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