Time Is Running Out: Plan Now for Your Family's Future
"Are you prepared to capitalize on the unprecedented opportunity for tax planning prior to the 'sunset'?" write Jonathan Kukin and Marley A. Guerrera of Winne Banta Basralian & Kahn.
March 19, 2024 at 11:15 AM
8 minute read
Trusts and Estates
There are less than two years to take advantage of the highest federal estate and gift tax exemption of all time. Are you prepared to capitalize on the unprecedented opportunity for tax planning prior to the "sunset"?
For 2024, the lifetime estate and gift tax exemption is $13,610,000 per person. The lifetime exemption is set to sunset at the end of 2025 and will be reduced by approximately half. Given the federal portability provisions currently in place, a married couple can utilize a total exemption of $27,220,000.
Even those with smaller estates should review their estate plans. Residents of New Jersey and New York have other considerations to take into account—namely, the New Jersey Inheritance Tax and the New York Estate Tax.
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